Ready to take the plunge and purchase your first home? It’s an exciting time! And no matter where you live, there’s a suburb just waiting to welcome you.
From Darwin to Devonport, Kalgoorlie to Carnegie, the perfect, affordable location for your new home may not be where you currently live, or even a suburb you are familiar with. So it’s important to keep an open mind.
What makes a good suburb?
To truly build the most informed and accurate picture of your ideal suburb, you need to think about the big picture. Your lifestyle or family may need certain things, like:
- Close to local transport: Can you get to and from central locations easily?
- Schools: Are you planning to have children while living in your new home? Are there good schools nearby?
- Lifestyle: Close proximity to parks, cafes and sporting grounds may be important to you.
- Services: Are there shopping centres or doctors close by?
This is the suburb you, and possibly your family, will live in for some time, so it needs to complement your lifestyle and offer the best possible capital growth over time – while still fitting into your current budget.
Where can I afford to buy?
When property prices are changing all the time it can be difficult to know what suburb is going to be best for your budget and needs. To help you find out what you can afford, check out our 2 step “Where can I buy?” calculator tool.
Taking into consideration the following variables; interest rate, loan period, single/joint application, number of dependents and income, step one works out how much money you can borrow. And to formulate the list of suburbs in step two, the calculator takes into consideration the results of the first step as well as:
- Your preferred Australian state or territory
- Region within the state
- Availability of the First Home Owner Grant (FHOG) – which differs between states
- Preferred property type (apartment or house)
- Your deposit amount.
The calculator lists a range of suburbs that meet your criteria with their postcodes and median prices and it is a great way to compare different suburbs in an area like inner city, bayside or even rural. It is intended as a guide only and the more information you give, the more accurate the results are!
Spotting growth areas
Most property owners are interested in capital growth, but it can be hard to spot a suburb on the rise. To help you with the decision-making, the Pepper “Where can I buy?” tool also lists the annual price growth of each suburb so you can see which areas have performed well over the past year.
Other online resources can help you with your property hunt. For example, Domain's Home Price Guide website can help you get an idea of median house prices, latest home sales and market trends in suburbs of interest.
If you've already decided the suburb that is the best choice for you, contact a Pepper Money Lending Specialist to discuss your home loan options on 13 73 77 or speak to an accredited Pepper Money Broker. They're there to help.
This article provides you with factual information only, and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser. Neither Pepper nor its related bodies, nor their directors, employees or agents accept any responsibility for loss or liability which may arise from accessing or reliance on any of the information contained in this article. For information about whether a Pepper loan may be suitable for you, call Pepper on 13 73 77.