According to conventional wisdom, moving up the property ladder is a clear indication of financial and personal success. While this is true, many Australians are struggling even to approach the first rung. However, by following these tips, the Great Australian Dream can become your reality.
Unless you are mega wealthy, compromise is an essential component of any property purchase. Property size and location are the main areas you’ll have to compromise.
It’s easy to be seduced by the idea of your “dream home.” However, you must be realistic about how much you can afford each month after accounting for regular expenses (i.e. utility bills, food, car insurance, etc.).
You also need to factor in all the hidden costs of buying your dream home. There’s all manner of fees, from mortgage booking, arrangement, valuation, account, legal and survey, as well as moving in costs to consider.
Take Advantage of the First Home Buyers’ Grant
The First Home Buyers’ Grant will give you a helping hand by providing $20,000 towards your home. So, if you’re planning to buy a new home, townhouse, unit or apartment in Victoria, entering the property market just became much easier.
Keep Debt at Bay
It’s important to remember that mortgage offers are based on your disposable income, rather than your total salary. So, if you’re carrying a lot of debt, it will naturally eat into that figure.
Before approving a mortgage, lenders will undertake a credit check, ask you about any outstanding loans and credit card debt. This information will be used to create a credit score. The higher your credit score, the more likely you are to be rejected or asked to come up with a larger deposit.
To avoid this, budget very carefully and ensure you keep your debt under control.
Speak to No Deposit First Homes
Are you keen to enter the property market, but don’t know where to start? Speak to the expert team at No Deposit First Homes, and we’ll help you realise your dream. From mortgage advice to tips for keeping your debt under control and everything in between, our talented team will guide you on your journey to home ownership.
To start climbing the property ladder, simply call or email the dedicated team at No Deposit First Homes today.