Category Archives: First Time

Your first bathroom renovation

Your first bathroom renovation

Your First Bathroom Renovation

Your first bathroom renovation is going to be confusing for the first time, if you are doing a purely cosmetic renovation you may not need to lodge an application with the council for approval.

Your first renovation should be kept simple. Getting some basic plans drafted up, laying out what you want to change in the bathroom is key.

You will need to consult with an architect to draw up some basic plans. These plans will help the tradespeople you hire organize themselves to get our vision into reality. Without these plans no tradesperson is likely to commence working on any renovation.

You will need to speak to an electrician to spruce up your lighting. You will need to consult an electrician to install your new lighting. For new lighting ideas and designs you could visit a local lighting store or bathroom Centre where you can look at different lighting ideas.

You will need to speak to a tile layer to replace the tiles. Before you rip up the tiles in your bathroom, you want to choose the kind of tiles you’d like to use in your bathroom. Sometimes changing the tiles Is enough to bring new life into your bathroom but most people replace the sink and tiles together.

You may even need to speak to a plumber to reinstall the sink if you are keen on switching it out for something new. If you have purchased a new sink or found a sink that suits your tastes, try finding some matching tiles or lighting that suits your taste.

This is your first bathroom renovation, make sure that you take your time researching, planning and designing your new bathroom look. Don’t be afraid to look on Pinterest for bathroom design ideas. Remember, if the renovation is substantial than you may need council approval.

Choosing your first apartment

Choosing your first apartment

There are several steps you should follow when choosing your first apartment. This article will touch base with those ideals and guide you in the right direction. Make sure that you keep on working with a real estate agent who works in your best interest.

When choosing your first apartment you are going to have to understand your financial limitations, you are going to need to pick a budget and stick to it. There is no point in going over your budget if you cannot get the finance for it.

Your First Apartment

Your budget should include:

  • Purchase price
  • Strata fees
  • Transfer fee
  • Registration fee
  • Mortgage fees
  • Interest rate on the loan
  • Insurance
  • Your living expenses now vs your expected living expenses
  • Agent fees
  • Conveying fees
  • Stamp Duty or grants or exemptions

When researching for your first apartment you want to find a place that is going to have secured parking or reliable parking. Your apartment will need to be close to a supermarket, school or shopping Centre. As you want your first apartment to appreciate in value and not stagnate with market rates. Choose an apartment with lots of natural light and airflow. As this will make it easier to keep the apartment clean and mold free.

Make sure you choose an apartment as close to important hubs as you can, apartments that are close to central business districts appreciate in value at a more predictable rate and are easier to sell if you ever want to move.

Choosing Insurance for your first home

Choosing Insurance for your first home

Choosing insurance for your first home doesn’t need to be a chore. There are several things you can do to make the most of your insurance policy and get the best rate possible.

Before choosing your insurance policy, make sure you take the time to read and compare the Product Disclosure Statement. One insurer may have 4 different kinds of home insurance so make sure you research what is right for you thoroughly.

How to choose Insurance Policy

Make an inventory of all of your furniture, appliances, jewelry and other things which may be important to you. Be sure to catalogue your things in a spreadsheet. With the date one which you catalogued these things. Then, make sure you take a video and photographs of these items. You want proof of ownership to make sure that if anything goes wrong, you won’t be out of pocket.

If you got a kitchen upgrade, catalogue it. Do not rely on other contractors or service providers who worked on your home to store information about what they have done for you. They have many clients, it’s not a reliable way to go about things.

Once you have catalogued these items, find out what you paid for them and when you paid for them. You don’t need receipts just the timeframe of when you bought something and how much you bought it for. Then compare how much the item is going for on the market now. If you bought a TV 2 years ago it is likely being sold for 60% of what you originally paid.

This inventory will help you ascertain your “Contents”, contents is 2/3’s of your home policy, as you want to be sure that if something happens that you are covered. Make sure you read through your PDS because most policies will only cover a nominal amount of contents, if you have more contents that needs to be covered then you will need to upgrade your policy.

Most home insurance policies have minimal cover for theft / burglary, fire and flood. Don’t be fooled, flooding from rain can cause more damage than fire. A home could be condemned due to mold from water damage, needing specialty removals to clean up the site and rebuild. It’s an expensive process.

The best coverage which is also the most costly, is a comprehensive policy which covers you from fire, flooding and burglary. Comprehensive insurance is the right policy for a first home owner. Peace of mind is worth the cost.

Choosing a mortgage broker for your first home

Choosing a mortgage broker for your first home

If you are in looking to purchase your first home, you want the process to go as smoothly as possible. You want a broker who can organize your finance without fuss or stress. You want to be able to delegate as much of the process as you can, so you can focus on getting through the settlement period.

You are going to be looking for a mortgage broker who puts your interests first, communicates well and has a professional approach to obtaining your loan.

When searching for a broker who puts your interest first, you may have to pay a fee upfront. When you pay a mortgage broker a fee upfront, you are ensuring that they are not going to rely on commissions from the bank or ‘tail fee’s’. If a broker is charging a fee upfront, it means that are doing the right thing by you, as to not be dependent on the banks kick-backs.

How to find a mortgage broker

Look for a broker who call’s you back when you ask, returns your emails and texts. This is your first home and you cannot afford to take any risks with brokers who are non-communicative. At the same, brokers may have other clients, this respect works both ways and you are not the only client who is trying to get through the process with as little hassle as possible.

Choose a broker who projects a professional image and takes their business seriously, you want a mortgage broker who understands the importance of their role and how their actions can impact you personally. Look for a broker who clearly advertises their contact information, takes the time to go through the process with you and informs you about the best rates from all the banks.

You want a broker who can suggest a product for you on your best interests, if a broker suggests you should take out a loan which maxes out your borrowing capacity, run – don’t walk away. If a broker is willing to put you in hundreds of thousands of dollars indebt for the sake of earning a one-time commission than you are better off elsewhere.

Calculating Stamp Duty on your first home

Calculating Stamp Duty on your first home

A special guide for first home buyers on how they can calculate stamp duty.

What are the NSW stamp Duty Rates?

Property value Transfer duty rate
$0 to $14,000 $1.25 for every $100 (the minimum is $10)
$14,001 to $30,000 $175 plus $1.50 for every $100 over $14,000
$30,001 to $81,000 $415 plus $1.75 for every $100 over $30,000
$81,001 to $304,000 $1,307 plus $3.50 for every $100 over $81,000
$304,001 to $1,013,000 $9,112 plus $4.50 for every $100 over $304,000
Over $1,013,000 $41,017 plus $5.50 for every $100 over $1,013,000

What is NSW Stamp Duty ?

There are two kinds of assistance available for first home buyers which are made available for purchases within NSW.

Calculating Stamp duty for first home buyers

First Home Buyer’s Assistance Scheme

To qualify for the first home buyer’s assistance scheme, you must be purchasing property for the first time and must move into the property within 12 months and live there for at least 6 months continuously. You must be an Australian Citizen or Permanent Resident of at least 18 years old. If you are successful, you may receive a full or partial exemption for stamp duty under the first home buyer’s assistance scheme.

First Home Owners Grant

To qualify for the First Home Owners Grant, you must be purchasing or building your first home, it must be a newly constructed home with a market value of $750,000. To qualify as a first home buyer for the first home owners grant, you must be purchasing the first home you or your spouse have owned. You must move into the property within 12 months and live there for at least 6 months continuously. Additionally, you must be an Australian Citizen or Permanent resident of 18 years old. If you are successful, you will receive $10,000 towards the purchase price in addition to the First Home Buyers Assistance Scheme.

Are you Eligible for an exemption of NSW Stamp Duty?

You are eligible to apply if you are buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes). The grant is available for: contract to buy a new home; building contract by the owner of the land; and owner of the land who is building their first home. However, the purchase price of the new home must not be more than $600,000 but if you are buying land to build your first home it must not be more than $750,000.

You may be eligible for a grant on your first home as an individual not a business or family trust, you also must be over 18 and at least 50% of the ownership must be an Australian citizen. You won’t be eligible for the grant if you or your spouse have previously owned a home or received a grant. Your must move into the house within 12 months of your purchase and live in it for 6 months continuously. If you are building your new home, then you must move in within 12 months of construction being complete.

A new home is a home that is being sold the first time and the house has never been lived in before you move in, including by the builder of tenant. A renovated home is capable of being a new home, but it would have to be substantially renovated before you buy it, most of the home would have to be removed or replaced and it has to be the first time the home has been sold after renovations. It must not have been lived in since being renovated, including by the builder or tenant.

How to Apply for a Grant or Exemption of Stamp Duty in NSW?

You may apply for the grant when you apply for finance through your bank, you can ask your mortgage broker for assistance. If you have purchased your home or have started construction, then you may send the application for the grant to RevenueNSW. You must apply within 12 months of the settlement date or upon the completion of the construction.

You can apply for the grant by using the approved application form, the form has all of the information you need to apply. You will need to include supporting documentation to support your application for the grant such as: Identity, copy of the contract which has been signed, proof that this is your first home this can be done by supplying an affidavit. If you are building your home you must provide council approval, building approval, contracts for the build, land valuation and occupational certificates.