Welcome to our 2023 guide on buying your first home in Townsville! Buying your first home can be a daunting task, with all the legal, financial and logistical considerations to consider. But don’t worry—we’re here to help! In this guide, we’ll provide you with all the information you need to know about buying your first home in Townsville in 2023. This includes details about the Queensland First Homeowners Grant (FHOG), how and when to apply for it, deciding on the property features that are most important to you and setting a budget. Let’s get started!
The Queensland First Home Owners Grant (FHOG)
This grant provides eligible people with a one-off payment of $15,000 to put towards purchasing or building their first home. To be eligible for the FHOG, applicants must be at least 18 years old and an Australian citizen or permanent resident who has never previously owned real estate anywhere in Australia. You also must live in the property as your principal place of residence for at least six months within 12 months of completion of construction or purchase. You can read all of the details on the Queensland Government website to learn more.
When And How Do I Apply For The FHOG?
The process begins by downloading an application form from the Queensland Government’s website and submitting it along with supporting documentation such as proof of identity documents, statements from all sources of income over the last two years, and any relevant contracts relating to the purchase/construction of your home. Submitting these documents allows access to online services where you can track progress on your application until it is approved by the Department of Housing and Public Works.
Choosing Your Property Features
Choosing what features are important when purchasing a property is another key factor in buying your first home in Townsville. It is essential to consider:
- Location (city centre or the suburbs)
- Land size
- Number of bedrooms and bathrooms
- The full cost
- Amenities within walking distance(nearby parks, shopping centres, etc.)
- Public transport options
- Security features
- Potential renovation opportunities
Setting a Budget
Once you have narrowed down the features most important to you, then it’s time to set a budget. Establishing a budget is essential because it will help determine how much money you can allocate towards a mortgage repayment each month. This helps ensure that you don’t overextend yourself financially when purchasing your home so that repayments remain manageable over time.
Start Your Journey
Buying your first home in Townsville can be an exciting and fulfilling experience, but it’s important to be prepared and informed about the entire process.
At Harcourts Kingsberry, our team of real estate agents are here to help you navigate the complexities of purchasing a new home—from applying for government grants to deciding which features are most important to you and setting a budget that works best for your situation. If you’re ready to start the journey towards homeownership in Townsville, we encourage you to get in touch today via our contact form or by calling us on (07) 4772 2022.
Our agents are committed to helping you achieve your goals and realise your dreams of homeownership. Don’t hesitate to reach out and take the first step toward homeownership!