Owning your first home can be both exciting and daunting. We’ve got the top three things to think about before you take the plunge into the property market…

There’s a lot to consider before purchasing a property, and if it’s your first foray into the market it can be even more intimidating. We’ve got the top three things for you to think about when looking into buying property for the first time.

1. Great Start Grant

The Great Start Grant is an allowance of $15,000 for first-time home owners to kick-start their dream of owning property. However, there are several eligibility criteria – for instance, the home must be completely new or significantly renovated to qualify. Check out the Great Start Grant website for more information and to check if you’re eligible.

2. A good home loan

Fixed rate, variable rate, comparison rate, no fees – finding the right home loan can be confusing and overwhelming at the best of times! Bank of Queensland can make things simpler with their Clear Path Variable Rate Home Loan which offers all the features of a home loan including flexible payment options, free redraw, and mortgage offset, with no application fee and a low standard variable rate. Head into your local BOQ branch to find out more.

3. Location, location, location

It’s all about where to buy – we’ve got Brisbane’s hottest up-and-coming suburbs (and the priciest streets if you’re looking to buy somewhere a bit upmarket!) listed, but have a chat with your local real estate agent for the best investment opportunities and trending locales. A recent survey conducted by RP Data shows the top five considerations for first home buyers were affordability, number of bedrooms, off-street parking, capital growth and proximity to public transport – so remember to investigate areas that will increase in value, have plans for future public transport expansion and are close to amenities to make a purchase that will increase in value.

What are your tips for those making their first foray into the property market? Leave your tips in the comments below!