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6 Reasons Why You Could Own Your First Home In 2020

April 26, 2020

With COVID-19 disrupting everything, why could 2020 be the year that your home ownership dreams are realised? Well, here’s six very good reasons. Or if you don’t like reading, watch our video here.

1. Super Low Interest Rates

Interest rates are at an all time low, so getting a home loan has never been more affordable. You could save thousands by taking out a home loan in 2020.

2. Government Grants

The new Federal Government HomeBuilder grant gives eligible home builders $25,000 to build a new home. Plus the WA government just announced a $20,000 Building Bonus. And if you’re a first home buyer, you might also qualify for an additional $10,000 grant.  That’s up to $55,000 in government grants just for building a home.

You can use this money as your deposit or to get a bigger block. It’s an amazing time that’s unlikely to ever be repeated, so jump on the opportunity now!

3. Easier To Save

With all the lockdowns, you haven’t been going out spending money at pubs, clubs, events, cafes or restaurants.

You’re not going overseas on holidays, and petrol is cheaper as well.

Use this time wisely to start saving a deposit. We can help you get on a savings plan that’s personalised for your lifestyle.  If you start saving now, you might be able to buy before the end of the year.

4. Keystart Assistance

Keystart offer low deposit home loans (2%), with no lenders insurance and no monthly account keeping fees. So this means you can buy your home sooner than you think.

They’ve also extended their increased income limits for home loans until June 30 2020.  So you could qualify for a Keystart loan if you earn less than $155K as a family, $130K as a couple or $105K as a single.

5. It’s Smart To Buy Now

Across Western Australia, late March and April saw a slump in home sales. However, experts say a strong property bounce-back is likely if coronavirus is brought under control and government and bank support is correctly deployed.

When the property market bounces back, it often gets more expensive to buy or build. People have a sense of urgency to buy sooner rather than later, which continues to push prices up. The smart property investors try to identify the start of the recovery and start building a home then.

Just prior to COVID-19, we thought we were entering a recovery phase. The Edge saw higher demand from late 2019 to March 2020. But the lockdown in late March meant that it was hard for people to visit estates and display homes. Now some of the restrictions are being relaxed and just one month later, we’re seeing a solid resurgence in interest.

6. We Can Help

Just call Reece on 0488 600 344 and he’ll help you make your dream a reality.  Imagine how much better the next lockdown would be if you were living in your brand new home!

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