To give you some more understanding as you step towards owning your first home, here are 4 fast facts to aid you in your journey.
Understanding the true cost of your home
The equation of purchasing your home is not as straight forward as a $30,000 deposit, plus a $500,000 home loan equals a $530,000 property. Your final purchase price will involve many other considerations such as stamp duty, loan application fees, and lenders mortgage insurance if you need to borrow more than 80% of the cost of your home. Taking a holistic view of all costs will lessen the risk of any hidden surprises, leading to a far more relaxed and enjoyable home-owning journey.
Location, location, location
As the old adage states, making a good investment in a home really is all about ‘location, location, location’. As a lower entry point and higher yield, Caroline Springs has cemented its reputation as a growth corridor in the west, with Botania located just minutes from Caroline Springs, this area is truly a smart investment for a first-time homeowner.
Show me the money
By purchasing a house and land package, rather than an established home, you will save on stamp duty, with duty only needing to be paid on the value of the vacant land and not the future house. On top of this is the First Home Buyers Grant (if you meet the eligibility requirements ), which currently offers $10,000 for Victorian applicants buying or building a new home valued up to $750,000.
Botania offers further savings with The Botania Difference – teaming up with 3 of Victoria’s most trusted builders has allowed Botania to offer wholesale prices. Including up to $50K* of incentives, savings and grants – and if you’re a First Home Buyer, congrats, you could be saving close to $60K! So sit back, relax, and know you’re getting the savings and dream home you deserve.
Pre-approval can give you some certainty when searching for your dream home, giving you a good idea of how much you can borrow provided that you can supply the information to back the figures you’ve supplied in your application.
Pre-approval usually lasts 90 days and if your search for the perfect home lasts longer than 3 months, it is a good idea to re-apply as the property market can change rapidly.
Botania is here to guide you through your journey to homeowner, we are here to help in making this time as exciting and memorable as it should be, our friendly team are here for any queries or concerns you may have, so give us a call on 1300 888 182 or pop into our sales office located at 1152 Taylors Road, Fraser Rise (Plumpton) and let Botania create your forever home.