Need advice: Buying home in Brisbane (First timer)

LUMSEEE on 31/03/2017 - 09:13
Last edited 31/03/2017 - 10:23 by 1 other user

Hi All,

So we are a family of 3, planning to buy our first home and as we progress through the process it seems like that this is probably the biggest decision of our live as yet so I just wanted to make sure that we are not following just what we are thinking. It is always good to pick on different brains to see that we have checked and considered everything.

Our aim is to remain under 500k so that we could save some dollars on stamp duty and LMI (Lenders Mortgage Insurance) and we are more after a house rather then a unit or an apartment.

The few questions that we have are as follows:

  1. Considering our constraints of 500k and requirement of a house what are the best suburbs where we should be looking and which is also not too far from CBD (15-20kms is fine) because I work in the CBD. The challenge is that in this range of radius it is really hard to find a newly built property and we don't want to loose on FHOG (First home owners grant)

  2. What are the key things to check before buying a property e.g Neighborhood, Termite Check, Flooding belt etc and where/how to check this information from?

  3. Should we go for fixed rate loan or variable and is the rate really negotiable with the banks or should I not worry about negotiating a good rate and take what is being offered?

Also, if you feel that I am missing something in my considerations and should be considering please feel free to add :)

Finally if someone else is looking and need help then I would love to share my strategy in a different thread and we can share ideas accordingly.

Thanks for your help.

Umer

Home & Garden

Comments

  • mskeggs on 31/03/2017 - 09:52
    +4

    I think your prioritisation of grants and stamp duty/tax savings is very short sighted.
    Choose a place you want to live for years, find the right choice to build a happy home.
    By the time you move, it is likely these few thousands of dollars of perks will be forgotten and amount to not much when you consider the value your property has increased.

    By all means shop around for a home loan. I suggest splitting the loan so you get the security of a fixed rate so you can avoid anxiety over rates, but also a chunk at variable so you can repay early/offset as quick as you can.
    As for the individual property, the local council can advise if there is a flood or bushfire risk, and the zoning of the land (important should you want to redevelop later or run a business or similar). A building inspection costs around $500 and will tell you if there is any concern of termites or structural issues.

  • alz on 31/03/2017 - 10:40
    +2

    LOL @ $500k. You know what that get's you where I live in Sydney? A 40 year old 2br apartment.

    • UMSEEE on 31/03/2017 - 10:42

      Its definitely not that way in Brisbane

    • [Deactivated] on 31/03/2017 - 11:30
      +1

      in a real shady suburb

  • dasher86 on 31/03/2017 - 10:42
    +1

    I suggest you buy pre existing and save a little money for some reno or buy existing built <10 years ago.
    don't get caught up in new builds and FHOG you always end up paying for more.

  • Mika1234 on 31/03/2017 - 23:55

    In terms of new builds your options at thay price point would be very limited. Have a look at fitzgibbon, taigum or bald hills in the north. If you went existing look at the northgate/banyo area.

  • Pumpkin_rrr on 01/04/2017 - 09:54

    Congrats on the decision to buy, and for doing your homework. I've bought some houses and helped others bought, so here's my two cents….

    Where you start is not where you finish.
    Subject to your personal situation, you can consider unit/apartnemt in inner city. Its buyers market now, and you save heaps in travel and time. Hopefully in a few years time, use this savings to buy your dream home. The point is $500k prob wont get a very good property in the area you want, without spending money in repairs or reno.

  • iratepirate on 01/04/2017 - 15:55
    +1

    What have you got against an apartment? There's going to be some great buys in the near future. Get one with family friendly facilities nearby and spend your weekends with your kid rather than doing gardening.

  • dcep on 01/04/2017 - 23:02
    +1

    You want FHOG + stamp duty exemption
    <$500k , get an inner city apartment, live for 5yrs then dump it for a house when the unit market is back on boom.

    Oh, wait till this year end to get a good deal on your new apartment.

    It's already happening. Shits gonna get ugly if no one getting finance to settle those OTP units completing this year.

    http://www.realestate.com.au/news/brisbane-developer-slashes…

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