[TRANSCRIPT] Radio Host: Well Dot Good Morning, welcome to the studio Dot: Morning Moira, Morning Simon how are you? Radio Host: Very well thank-you. Now we have a question from Kelly and Tom. They live in Ashmore, lovely area, and they want to know how do you know when it’s time to buy your first property? Dot: It’s a very exciting time isn’t it? Radio Host: It is Radio Host: When you’ve got the money. Dot: Yes when you’ve got the money, that’s the first thing. But I think the fact that you’re thinking about it is the indicator that it’s the time to buy. And you never really make your money when you sell a property, you always make your money when you buy a property. So I guess the things they need to think about is the area, where they want to live, and their budget – that’s the first thing that they need to think about. So getting pre-approved is probably the first thing you need to do. So you may feel it’s the right time, and you may think it’s the right time and you may think you have the resources and then you go visit a bank manager and he’ll dash all your hopes in one fell swoop. So the first thing you need to do is go visit a bank manager, a financial advisor and go get some advice as to where you sit in your budget and in your marketplace. That’s probably the first thing you need to do. But it’s a very exciting time buying your first home. Radio Host: And the first home buyers grant you’d keep your eye on that because if it’s your first property you think, “well Im going to go when I get the $21,000 or the $7,000” or whatever Dot: Exactly right. And also whether you buy an old build or a new build. I did see an ad the other day one of the home builders is actually offering to double the first home buyers scheme. Radio Host: Wow Dot: But again we’ve talked about the lack of land on the Gold Coast, on the inner Gold Coast, so looking at land you’re probably looking at one of the outer suburbs - one of the newer suburbs. But again, if it’s your first home it’s not a bad place to start. Radio Host: And particularly if you’ve got that opportunity as well. Build out there, stay there for a bit and get in to where you want to go to. What’s the saying? Buy the worst house on the best street? So that kind of thing is always good, and you know we still haven’t bought a home you know Paul’s a lot older then me - let’s just say that - but it’s something that we will do but we’re not rushed at the moment to do it because we’re not in the situation that we can. Yes we want to do it, but if it’s not something that’s for you at this point in time, get yourself ready for it. Dot: That’s exactly right. And another thing that is happening is a lot of people are buying an investment property and staying renting. They can’t afford to live where they want to live, they can’t afford to buy a property where they want to live that suits their lifestyle, but they can afford to buy an investment property. So they might buy a unit, a duplex or a townhouse in the area, as an investment because it’s a good return, but they’ll actually live in a completely different suburb and rent because that’s where they want to live. And that’s becoming quite prevalent nowadays. Radio Host: Wonderful thank-you. Kelly and Tom we hope that has actually helped you from Ashmore. Radio Host: And where else can you get advice? Dot: MyGC has lots of advice. Our website, First National has lots of advice. The government, just put in gov.org.au whatever it is I can never figure it out what’s an .org and what’s a .net and what’s an .au. But there are some great websites out there. Google is just the greatest thing since sliced bread. And you know have a look on the offers that are out there with the builders because they are doing some really great offers as well. New estates going on from Pottsville, Casuarina, Kingscliffe all the way through to Coomera so it may be something that you could look at - doing a new build. by Dot Hamilton How Do You Know When It’s Time To Buy Your First Property? palmbeachfn.com.au July 2015 First National Palm Beach 15 Palm Beach Ave Palm Beach, Queensland 4221 Phone: 07 5559 9600