First home buyer in Brisbane - new developments

Discussion in 'Development' started by Sush, 1st Jul, 2017.

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  1. Sush

    Sush Active Member

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    Hi all,
    As a First Home Buyer, I have started to look at my options to buy in Brisbane (preferable northern suburbs as wife works there). So, I am looking to get some advice on the following:

    To receive the First Home Buyer Grant, are the following the only options available to me?
    1. New lots with house+land packages
    2. New townhouses (in estates)
    3 New off the plan apartments

    I am not too keen on apartments. Am ok with townhouse (estate or freehold) and houses.

    - Where can I find new lots of land+home packages (or townhouses) being released by the government? I have been keeping an eye on Realestate.com.
    - Any idea or advice on Terrace homes?

    - Budget is around $350K - hoping to have at least 10% deposit by next year (keeping fingers crossed that the Grant still continues to next year) :)

    - Also, with 10% deposit, will I have to still pay the insurance (LMI)?


    Thanks for your help and advice in advance.

    Cheers.
     
    Sush, 1st Jul, 2017
    #1
  2. wombat777

    wombat777 Well-Known Member

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    You'll need to pay LMI if you only have a 10% deposit. They generally add it into the amount mortgaged.
     
    wombat777, 1st Jul, 2017
    #2
  3. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    Hi Sush

    Welcome. Some of my clients have new small lots (300m2 ish) under development in Bracken Ridge - 20 odd lots but not sure how many left. Ground not broken yet but we just finalised the appeal to get the DA through.
     
    RPI, 2nd Jul, 2017
    #3
    Sush likes this.
  4. Whitecat

    Whitecat Well-Known Member

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    You may be better off forgetting the first home owners grant and buying an existing property.
    I think you will find the difference in capital gain will outweigh the $20000 before too long.
     
    Whitecat, 2nd Jul, 2017
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  5. Propertunity

    Propertunity Well-Known Member

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    Buy something second hand where you are not paying a premium well over the value of a grant for something brand new and shiney.
     
    Propertunity, 3rd Jul, 2017
    #5
  6. Sush

    Sush Active Member

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    Yeah. I have realized it by now. But, at least I will be able to put in foot in the market and join the property bandwagon.
     
    Sush, 23rd Jul, 2017
    #6
  7. Sush

    Sush Active Member

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    Hi RPI,
    Thanks for the kind info. I will email you separately and it would be great if you can share further details.
     
    Sush, 23rd Jul, 2017
    #7
  8. Sush

    Sush Active Member

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    Yeah, that's a dilemma and something I am still considering. Thanks for your tip. :)
     
    Sush, 23rd Jul, 2017
    #8
  9. Sush

    Sush Active Member

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    Thanks for the advice. Could you please elaborate a bit probably with an example from your experience?
     
    Sush, 23rd Jul, 2017
    #9