First Home Buyers | New Home Buyers | Affordable Living 5km for Adelaide CBD

Buying Your First Home?

Buying your first home is a huge milestone.

When you buy a Prospect 1838 townhouse, you’ll have peace of mind knowing you’re living in a brand-new house, selected and designed by you.

Unlike many community developments, all Prospect 1838 townhouses have a Torrens Title. Under the Torrens system, the home buyer owns the house and the land on which it is built. The homeowner is solely responsible for the upkeep of the land and the property. This means there are no ongoing shared expenses or common land, which you may find in similar developments. Once completed, Prospect 1838’s roads and gardens will be maintained by Prospect Council.

Prospect 1838 is Adelaide’s only master-planned townhouse development built within 5kms of the CBD. Our townhouses offer spacious living areas with floorplan options to suit every lifestyle. Buying off the plan has its advantages, saving eligible buyers thousands in stamp duty concessions.

Why Buy Off-The-Plan?

When you buy off the plan, statutory charges are significantly reduced. As a guide, a home buyer will pay $20,800 in stamp duty on an established $490,000 home in South Australia. Conversely, you purchase off the plan in SA, you will only pay $6,800 on a $200,000 block – That’s a saving of $14,000!

As a first home buyer, you may be eligible for the First Home Owners Grant and other grants, which may form a portion of your construction deposit.

Let’s Talk Numbers!

Knowing your finance options is key when looking to purchase your first home. We understand navigating this process can be quite daunting, so we’ve had a chat with the experts to help you prepare your finances.We have highlighted 3 common finance options that may apply to you:

Option 1: If you are an existing bank customer with a 6-month minimum credit card or personal loan, you may be eligible for a home loan, with a 5% deposit on the home price and statutory charges.

Option 2: If you are not an existing bank customer with a 6-month minimum credit card or personal loan, you may be eligible to borrow 90% of the home price, with a 10% deposit, plus statutory charges.

Option 3: First home buyers may choose to finance their new home through a Family Guarantee. In this example, a parent guarantees 20% of the house loan, meaning they are not liable for the full loan amount. As your parent has guaranteed 20%, you are eligible to borrow 107% of the loan amount, which should cover all statutory charges.

If you place a deposit of less than 20%, you may be labile for mortgage insurance. However, some financial institutions may incorporate this fee into the home loan and not require payment upfront.

Note all these options are for a very competitive current market interest rate.

Want To Learn More?

If you’re like to learn more about your finance options, call us today and we’ll put you in touch with our preferred Prospect 1838 banking representatives who will provide you with competitive finance options to suit your budget and lifestyle.

Please note that this information does not constitute an offer of finance or as financial or legal advice and it doesn’t take into account an individual’s circumstances. We recommend that in all matters you make your own enquiries. This information is provided as a guide to home buyers about potential and possible options available. Please note that generally these options presented above, as explained to us, were based on a combined income of $80-90k, not taking into account individuals circumstances.