First time buyers guide available for Victorians
Buying a home for the first time can be a daunting exercise, particularly for those who are unfamiliar with the different administrative and financial processes involved.
With this in mind, Victorians considering making the transition to homeownership may find the Real Estate Institute of Victoria's (REIV) first time buyer's guide helpful.
The publication highlights a range of useful information that will give prospective buyers an idea of how much it costs to buy residential property in the Melbourne, Geelong, Bendigo and Ballarat regions.
"In one easy glance the map shows the level of weekly repayments needed for units of between one and three bedrooms along with houses with between two and four or more bedrooms," REIV chief executive officer Enzo Raimondo said.
"The guide presents a realistic appraisal of the actual cost of buying by taking into account all the costs; conveyance fees, stamp duty and mortgage insurance. The benefits enjoyed by first home buyers; lower stamp duty and the First Home Owners Grant are also taken into account."
The publication assumes the buyer has a ten per cent deposit and a mortgage with an interest rate of 6.4 per cent.
It also takes into account the 30 per cent stamp duty concessions available for first time buyers.