The changes we’re noticing for first home buyers

Here are some key changes and trends that we think first home buyers are now facing and need to be aware of.

Increased Government Support

The government has been rolling out more grants and schemes aimed at first home buyers, including increases in the First Home Owner Grant and expanded eligibility for the First Home Loan Deposit Scheme. This means more financial help is available.

Rising Property Prices

Unfortunately, property prices have been on the rise, especially in major cities. This creates a more challenging environment for first home buyers who are trying to enter the market.

Interest Rate Changes

The Reserve Bank of Australia has been adjusting interest rates, which affects mortgage repayments. Higher rates can make borrowing more expensive, so buyers need to be more cautious with their budgets.

Shift to Regional Areas

With remote work becoming more common, many first home buyers are looking at regional areas for more affordable options. This shift can lead to increased demand in those regions.

Focus on Sustainability

There’s a growing interest in energy-efficient and sustainable homes. First home buyers are increasingly considering properties that offer long-term savings on utilities.

Digital Transformation

Online platforms and virtual tours have become common, making it easier for buyers to explore properties without having to step foot in them. This can save time and help them narrow down options.

Changes in Lending Criteria

Some lenders are adjusting their criteria, which can either help or hinder first home buyers, depending on their financial situation. It’s essential to shop around for the best mortgage options.

Increased Competition

With more buyers entering the market, competition can be fierce. First home buyers may need to be more strategic and prepared to act quickly when they find a property they like.

Education and Resources

There’s a growing number of resources available, including workshops and online courses, aimed at educating first home buyers about the purchasing process.

Focus on Affordability

There’s ongoing discussion about housing affordability, with some states implementing measures to address the issue. This could lead to future changes in policies that impact first home buyers.

If you’re looking for more information regarding buying your first home please reach out to us as we have partners who are here to help.