First homebuyers back and showing us how it’s done!

According to founder and managing director of Meriton, Harry Triguboff, there has been a significant increase in first homebuyer activity at his Meriton projects over the past couple of weeks.

Where Meriton was seeing one property a week sold to a first home buyer, they are now seeing five.

“Like many of our senior economists, I believe there will be a further rate cut tomorrow of 0.25 percent,” Mr Triguboff says.

“This shows a steady rate recovery and that in turn makes buyers more secure, especially first homebuyers.

“It is a very big commitment to buy your first home or investment, and we want to make it as attainable as possible.

“I remember coming to Australia with very little cash back in 1960 and putting a big chunk of it into buying an old apartment building of four in Dulwich Hill. It was considered very cheap at the time and not in the best end of town in those days but it gave me a steady income until I decided what I was going to do.

“I really do appreciate and understand how tough it is to commit to a large investment when there is not a lot of money. What I can do, however, is to make a purchase more stream-lined and far less of a risk for the buyer,” he says.

Recently, Meriton established a partnership with National Australia Bank (NAB) to offer exclusive home loan benefits to all purchasers, not only first homebuyers, but the take-up would indicate it is very attractive to first homebuyers.

This collaboration provides buyers with the option to choose between financing through Meriton Property Finance or accessing special loan packages facilitated by NAB.

The tailored financial solutions may include competitive interest rates, simplified approval procedures, and other incentives designed for Meriton.

One first homebuyer commented that applying for finance worried her because she thought if she applied to a number of financial institutions, it would affect her credit rating and make her look unstable.

“I like Meriton apartments because of their reputation, and their record for 100 per cent completion,” she said.

“They are the largest development company in Australia; therefore, others must have the confidence to buy with them.

“I am trying to decide between Pagewood Centro at Eastgardens and Triology at Macquarie Park.

“They are totally different but while Macquarie Park is good for me now, I really want to be closer to my parents at Maroubra when I get married and have a family.

“I just like Meriton. I feel like they have your back. It is a massive investment and I feel safe so I will finance through them,” she says.

The First Home Buyer Assistance Scheme also takes thousands of dollars off upfront costs. Stamp duty, concessions/exceptions for properties under certain thresholds and the first home owner grant of 10,000 if you buy and apartment under $750,000. All these government incentives including the First Home Guarantee allows you to buy with just a 5% deposit.

“I am thrilled to see an increase in first home-buyer activity,” Mr Triguboff says.

“I am only too aware how difficult it is to get into the market but this is a great time to buy before prices go up. That is usually the norm when interest rates come down.

“Just remember, buying an apartment close to the city, close to good transport, education and health infrastructure is always going to secure the very best affordable investment. Buying a more expensive house in the outer suburbs with restricted infrastructure options, is a much greater risk,” he says.