Earning a regular income for the first time can be great - and everyone deserves a few indulgences. But, it’s also time to start thinking about your financial future, and for many people buying a home is the key to creating wealth for life.
Even if you're still living at home, you can start with an investment property - a small flat is often a good, affordable first step into a high-priced market. Contrary to some peoples’ thoughts, this will not prevent you from getting the First home Owner Grant when you later purchase your own home.
If you're a first home buyer, you'll typically need to borrow a higher percentage of the valuation of your property. This can involve extra costs such as lender’s mortgage insurance (LMI). Other costs will depend on your situation. We can advise how best to minimise these where possible.
The federal government introduced the First Home Owner Grant (Fhog) in 2000 to facilitate buying first homes, there have been many changes since then. It would be be wise to check on the federal government "First Home Owner Grant" site for up-to-date details.