19 September 2024
19 September 2024
Venturing into the NSW property market as a first-time buyer can feel overwhelming. Yet, with the right guidance, the journey can be smoother. Allam Property Group stands ready to demystify the complexities, offering a beacon of expertise for those looking to secure their first home in this dynamic region.
Navigating Sydney's south-west or the north-west corridor, the allure of tree changes and proximity to business hubs becomes evident. With estates like Nakuru in Silverdale, The Groves in Austral, and Redgum Rise in Oakville, Allam Property Group offers an array of choices. For over three decades, we've presented move-in-ready homes, and with our vast experience, have assisted countless families in finding their dream abode. With Allam, you're not just buying a home; you're investing in a legacy of trust and quality.
Purchasing your first home in Sydney requires thoughtful financial planning. Key considerations include:
• Understanding Loan Requirements: Recognise the prerequisites set by financial institutions.
• Budgeting: Determine what you can afford, factoring in potential future changes.
• Additional Costs: Be aware of other expenses like stamp duty, land tax, and inspection fees.
Being prepared financially ensures a smoother purchasing experience.
For first-time buyers in NSW, you may be eligible for the First Home Owner Grant (FHOG). This scheme provides eligible buyers with financial support, making the homeownership dream more attainable. Beyond the monetary benefit, the FHOG acknowledges the challenges first-time buyers face, providing a much-needed boost to the NSW property landscape.
Find out about more eligibility requirements.
Delving into the world of property purchase in New South Wales, prospective homeowners often encounter unexpected financial obligations. These can include:
• Stamp Duty: A NSW government tax, it's based on your property's value and can range from $8,990 to over $56,990.
• Land Tax: Annually levied, homes valued over $482,000 might face this tax, which can be a minimum of $100 plus 1.6% of your home's value.
• Legal Fees: Depending on contract intricacies, expect to spend between $1,500 and $3,000.
• Lenders Mortgage Insurance (LMI): For loans exceeding 80% of the property's purchase price, LMI covers lenders if defaults occur, potentially costing around $10,000.
• Other fees: These can encompass loan application fees, independent valuer fees, title registration, and building inspections. Always factor these into your budget.
Click here for the NSW stamp duty calculator.
Discover Allam's Estates in Prime Locations
Sydney’s South-West Estates: Embrace Natural Beauty
In Sydney's growing south-west, Allam introduces estates such as The Groves and Nakuru. Here's why they stand out:
• Natural Beauty: Experience serene landscapes and lush greenery, providing a tranquil environment.
• Convenient Access: Despite their serene settings, these estates remain connected to essential amenities and Sydney's bustling centre.
Choosing Allam ensures you're not just buying a house but investing in a lifestyle.
In Sydney's vibrant north-west, Allam introduces estates such as Killarney and Redgum Rise. Here's why they stand out:
• Heritage Proximity: These estates are strategically located near World Heritage sites, allowing residents to immerse in rich cultural experiences.
• Diverse Activities: From historical tours to recreational activities, the region promises a myriad of experiences.
With Allam, you're not merely purchasing property; you're securing a legacy in a region steeped in heritage.
Private Treaty versus Auction: Finalising the Purchase
Normally when you discover established property that resonates with your dreams, you have two primary routes to secure it. Private Treaty or Auction. With a Private Treaty, you make an offer, and if accepted, a cooling-off period ensues, granting you some leeway to reconsider. However, Auctions are more direct. Win the bid, and you commit immediately with no cooling-off, signifying your journey towards settling into your new abode has commenced.
Once you've decided on your purchase method and completed the necessary paperwork, the next phase is settlement. This phase is pivotal in the home-buying journey. Here, all signed sales contracts between the buyer and vendor are exchanged. Generally, post contract exchange, there's a wait of about six weeks before final settlement. This is the moment when you, the buyer, officially take possession of your property, marking the end of the transaction.
With Allam we make this process a little more simple and straightforward to understand with our EasyBuy Process.
Three Simple Steps to Your Dream Home
1. Choose Your Home: At each estate, Allam has sales centres and display homes for prospective buyers to explore. Discover a new ready built home, that's right for you, from either one that is finished or under construction - or even one that is still on the drawing board. Simply pay a $1,000 reservation fee. The experienced Allam sales team is there to help with all your questions.
2. Pay Your Deposit: After choosing, review the contract and specifications, then secure your home by paying the deposit minus the reservation fee, guided smoothly by Allam's expertise.
3. Get Your Keys and Celebrate: Complete the process with a final inspection led by Allam's building supervisors, receive your keys, and start your new chapter in an Allam home, turning dreams into reality with simplicity and joy.
"Very relaxed environment to purchase a house. Their display homes are perfect to help you make a decision. It was a pleasure working with Shaun at Allam, he went out of his way to guide me."
- SM
Interested in starting your property journey with Allam, view our House & Land Packages or get in touch with one of our team members today.
We make buying your new home easy - that's why it's called EasyBuy. There are no progress payments while your new home is under construction and we take care of all planning and building approvals. Our homes are all turnkey, both inside and out, with nothing more to do.
