Steps to get you on track for home ownership
Have you decided that 2018 is the year you want to become a home owner? If so, it helps to know what steps you can take to make it a reality sooner!
Save, save and then save some more.
When it comes to purchasing a home, you can never have enough savings. Every cent and dollar counts. Set yourself a budget and begin cutting out unnecessary expenses. For example, it may be time to start putting that $5 in a tin instead of to the barista.
Take advantage of government initiatives.
Initiatives such as the First Home Owners Grant are great schemes that will get you on the property ladder sooner. Take time looking through your local government website to see what is/could be available to you. A mortgage broker will also be able to advise you on what your options are.
Talk to your parents.
There are many home loan products available that allow parents to help you with obtaining finance. Sit down with your parents to discuss if investigating these options is something they would be open to and if so, what information do they require to move forward. This is becoming one of the most popular home loan options amont first home buyers.
Manage your expectations.
It is achievable to become a home owner if you put your mind to it but it is important to consider what type of home you need. Is a theatre room and a games room essential? Do you really need such a big back garden? These are all important questions to ask yourself so that you can understand how much money you may need to borrow and what your repayments are likely to be.