Buying a House
You will usually need to have 10% of purchase price available as a deposit; however in some cases it can be as low as 5%. In addition to the deposit, you will also need to be able to cover legal costs and Stamp Duty on the property, so you will also need to factor this into your savings goal. You can calculate the stamp duty you are likely to pay via calculators available on your State Revenue Office’s website. For Victoria, this is available here.
Speak to one of our mortgage and finance advisers to find out what ballpark figure you should aiming for.
How much you can borrow will depend a number of factors. To calculate your borrowing capacity, lenders will look at your household income, savings, existing credit card limits, dependents, equity in any existing properties as well as any current financial liabilities (eg loans). The final figure will be a loan amount which lenders believe you will be able to afford repayments on. If you are looking to borrow money, speaking to one of our mortgage and finance advisers is a great place to start. You can also fill out our finance information form to get a headstart.
In Australia, first home buyer incentives vary slightly between states. You can view these incentives by state via the First Home Owner Grant website.
In Victoria, there are two incentives available to first home buyers. These include:
- a First Home Owner Grant of $10,000 on new properties valued up to $750,000, and
- stamp duty reductions on properties valued up to $600,000.
For more information on the specifics of these incentives, please visit the Victorian State Revenue Office’s website.
For over 30 years, The Hopkins Group has rejected most of the property presented to us for client purchase, and there are sound reasons for this.
We work from a set of stringent property rules derived from years of experience and research; from our understanding of the global history of quality property; and from our observation of the superior performance of thousands of properties purchased by our clients.
This rigorous, tried-and-tested criterion enables us to identify quality property suitable for acquisition by our clients.
We recommend primarily ‘off the plan’ property as we feel this type of property presents the most value for our clients, in most situations. Purchasers of off the plan property have less maintenance and restoration costs required upfront than those who purchase established property, as the property is held from new. Purchasers of this type of property also have the opportunity to save significantly on stamp duty costs. There are also often notable depreciation benefits, which become handy at tax time.
The Hopkins Group Recommended Property
This is premium property, carefully chosen in line with our rigorous prime property investment criteria. This property is then recommended to our clients for purchase as a long term investment at a level appropriate to their means.
Such premium investment property will always provide high returns, security and flexibility.
Such recommendations are obviously keenly sought by many of the country’s top property developers. This means we, and therefore you, often receive privileged access to the best performing properties. The Hopkins Group Recommended Properties can either be established or off-the-plan in Melbourne, Sydney or Brisbane.
The Hopkins Group Endorsed Property
This category of property recognises the reality that our clients, for varying reasons, may wish to purchase property that does not fit into our stringent category of Recommended Property. Such property, from any part of Australia, may not be explicitly designated for their long-term investment portfolio. It may be a rural or resort property, or a non-inner-urban metropolitan property. It could be a specific-purpose property or an investment property purchase undertaken as a decision on a client’s part to balance their portfolio.
In response to such wishes and requests, we identify and endorse such property for purchase by our clients only after the application of our expertise, experience and due diligence has resulted in a positive assessment.
The Hopkins Group Endorsed Property enables our clients to confidently purchase quality property, for investment purposes or otherwise, with the assurance that it accords with The Hopkins Group’s high standards.