Barriers to Home Buying

Melbourne home seeks may need to save $250K+ to cover upfront costs according to a recent Herald Sun article.

An analysis of median home value figures by tax experts has revealed the typical fees that homebuyers are facing to break into the market in each suburb.

Australian Property Home Loans director, Adele Andrews said stamp duty could be somewhat prohibitive when trying to get into the market, and perhaps the $600,000 threshold where it didn’t need to be paid should be raised. But in terms of LMI, she said it was important for first-home buyers to realised that it was just a “small fee” that allowed them to get into the market sooner.

Ms Andrews said it was important for buyers to do their due diligence and align themselves with a professional so they didn’t short-change themselves when it came to their settlement day.

Read the full article here from The Herald Sun.