Costs of Moving Out and Buying Your First Home

Are you planning to move out of your parents’ home and buying a place of your own? Make sure you make thorough financial preparations, aside from the other practical details. First and foremost, you have to determine if you can afford everything, and you should consider all the costs of moving and home buying, such as:

  • Home and Land Packages – prices can vary depending on the suburb in Perth and the features or size of the house

  • Other Moving Costs – hiring a removals company to move your belongings, using self-storage options for your other items

           Of course, you can apply for a loan to buy your first home. If you do, take note of these costs, too:

  • Deposit and Home Loan Repayments – as much as 20% of the loan may be required as a deposit, while typically, home loan repayments would be made monthly

  • Mortgage Fees – application fees, Lenders Mortgage Insurance (LMI), mortgage registration fee, and other expenses outside the basic loan costs

There are several ways to manage the costs. The government offers help to first home buyers through a grant of $10,000, but you can only be eligible if you’re buying or building a new home (not buying an established property) and if you satisfy other criteria. You can also ask your parents for help by being a guarantor in a home loan or by helping you earn more income or save more money. You just have to be creative to make the whole process affordable.

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