There is no doubt at all that COVID-19 has affected the property market, and while there is uncertainty about Australia’s economy, and some may adopt a ‘wait and see’ attitude, there are opportunities to be had right now for home buyers.

• Interest rates remain at a historic low

This week the Reserve Bank of Australia announced the cash rate remains unchanged at 0.25%, and some lenders are offering variable lending rates for as little as 2.73% – a lot more affordable than a few years ago. This is great for first home buyers, and for those who already own their own home, but are looking to upsize or want a change of lifestyle, now is the time to review your mortgage and look for a better deal.

• Government support

There is government support for first home buyers. First home buyers can get a $10,000 grant towards building a new home up to $750,000 and purchasing a new home up to $600,000 under the ‘fair go for first home buyers’ program. They also benefit from:

• No stamp duty on all homes up to $650,000
• Stamp duty relief for homes up to $800,000
• No insurance duty on lenders’ mortgage insurance.

For more information on government support for first home buyers, visit www.nsw.gov.au

• Less competition

Properties are generally holding good prices, however there are fewer buyers around. This means there is less competition when you come to put your offer in.

• You’re in control

For first home buyers, owning your own home means you’re not worried about whether your landlord will increase your rent, or decide not to renew your lease. You’re in control of your finances and are paying into your own asset rather than someone else’s.

Lenders always look for a regular income, and while some are putting in additional checks, those who are in jobs that have not been negatively affected by the pandemic, such as essential workers, may well find themselves in a strong position with lenders.

Whether you are a first home buyer, or already own a property, you are thinking of buying or moving in the future, why wait? Start the process now. Review your finances, talk to your bank or a mortgage specialist to find out what you could afford to borrow, or what you need to be doing now to make yourself look favourable to lenders in the future. Start planning your future now!

Being one of Newcastle’s longest established real estate offices, our innovative and experienced team can give you some hints and tips and points to consider wherever you are in your property ownership journey.

If you’re thinking of selling, we can give you advice on what you can do to improve your property so you can get the best price. Plus, we have a database of potential buyers looking for many different types of properties, so we can get your property directly in front of people genuinely interested in your property.

If you have any queries about selling your house at this time, or would like a free, no obligation quote, give us a call on 02 4954 8833. Or send us an email to: mail@apnewcastle.com.au – we’d love to hear from you.

And don’t forget to check out our Facebook page for handy tips on selling your property or what to look for when buying a property.