First Home Buyer – Award 2015
IN THIS REPORT
Buying your first home is a giant step. It′s not something you do on impulse. It′s almost always a long-term aim that requires a plan of action well before you take the plunge. If you think about it, you are dipping your toes in the unfamiliar waters of real estate and finance.
The question of where you would like to live is pretty much always answered by the price you need to pay to live there. If you can′t afford your ideal location, what are your options and fallback localities? Every first home buyer has his or her own unique circumstances to take into consideration and often, unexpected things happen along the way – such as Aunt Myrtle dying and leaving you a nice little nest egg.
Dreams aside, finance should be at the very forefront of your considerations. You need to be familiar with the costs involved with a mortgage, how much you can realistically borrow and afford to pay back, and how much you need to save in order to reach that end goal.
The dilemmas of first home buyers are very real and every year CANSTAR undertakes extensive research into what financial institutions in Australia offer first home buyers in the way of products and educational material quite specific to this market.
This year, we assessed 498 mortgage products from 50 institutions across the country to see how they stack up for first home buyers. We can say with confidence that overall our financial institutions impressed by demonstrating that they really do go out of their way to assist first home buyers. Our job of researching products and features specific to this market has produced an interesting snapshot of what first home buyers can look forward to in the area of financing their future home.