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Staff Reporter
First time homebuyers are the main target of a new website which provides detailed property-specific information broken down by area.
The website, launched by the Real Estate Institute of Victoria (REIV), has been designed to allow first time homebuyers to target certain suburbs that fit their budget.
“In one easy glance the map shows the level of weekly repayments needed for units of between one and three bedrooms along with houses with between two and four or more bedrooms,” REIV CEO Enzo Raimondo said.
“For example it shows that the average weekly repayment for a three bedroom house in Werribee was $373 whilst a two bedroom unit in Reservoir required $496 per week.
“It also shows that there were 133 suburbs in which a three bedroom house could be bought with a mortgage repayment of under $430 per week.”
According to Mr Raimondo, the guide uses the average first home buyer mortgage repayment in Victoria during the September quarter last year ($414 per week) as reference point.
“The guide presents a realistic appraisal of the actual cost of buying by taking into account all the costs; conveyance fees, stamp duty and mortgage insurance. The benefits enjoyed by first homebuyers; lower stamp duty and the First Home Owners Grant are also taken into account.
“The guide also assumes the buyer has a 10 per cent deposit and an interest rate of 6.4 per cent.”
Victorian agents could also use the guide to see what type of buyer they should be targeting.
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