We are so close to the half way point of 2015 that we have started to notice a countdown to Christmas! Wait... not yet, there is still so much more to take advantage of in 2015 including the:

Take advantage of this great incentive to build your own home in the Lake Macquarie, Newcastle or Hunter area including the very popular Northlakes Estate and Appletree Grove Estate. 

A $15,000 grant is in place to assist eligible first home owners to build their own home. We have found this to be so helpful for so many of our clients. One client recently told us that it was a "great incentive because it covered their stamp duty." Fantastic!

Now is the time to take advantage of this grant while it stands at $15,000 because from January 1st  2016 it will reduce to $10,000. 

The grant is organised through the Office of State Revenue and your mortgage broker will be able to help you apply for the grant. A video has been put together by the OSR to explain the grants currently available.

Eligible for the First Home Owner Grant and want to make the best start?  

According to recent figures released by RPData, confidence in the housing market is improving and this is "showing up in improved development activity and demand for new homes."

On a National level this is great news for the building industry and the economy.  On a State level, "The New South Wales region is the driving force behind the surge in dwelling approvals with the latest August data showing a 48% lift in private sector approvals compared August 2012."

                                               View the full article by Tim Lawless here. 

Okay, so you have written down your budget. Your savings plan is underway and you can see those dollars increasing every week in your account. Fantastic, you are on your way to achieving your goal.

In preparation for your first property purchase there are a few more things to prepare and keep in mind other than your deposit.

Remember to keep your savings in a separate account, not just the account your pay goes into. This gives the proposed lender a clear view of your savings patterns.

It is always good to save more than your targeted amount as when you do move into your house there are always additional costs and expenses. Stamp Duty on the purchase of a house can be quite substantial as well as Conveyancing and Borrowing costs. You may also want to do additional landscaping or buy additional furniture. Your Broker can give you a full run-down of all costs involved in the purchase process.

If you do want that new lounge, TV or Fridge, it is always recommended you steer away from interest free deals or credit cards at this early stage.

Take extra care with your current Telephone and mobile accounts, and, if you are living with mates, electricity accounts. If you have a bad history in either one of these, it can stop you from getting a loan. Be responsible for your spending and bills especially mobile phone accounts as mismanagement of this could result in a default on your credit rating which makes it very tough to get finance.

You might have a good savings history however if you are overdrawn on another account this could also jeopardise your borrowing ability. It is important to keep your everyday transaction account as well as your savings account looking good.

Car loans. If your are thinking of buying a house don’t go out and spend a lot of money on a car. Lets say a car repayment is $500 per month, your car loan decreases your borrowing capacity. If you are thinking of buying a house and car, do the house first.

A few simple things to keep in mind when preparing to purchase your first property. All of these points can be clarified and explained further by your broker.