Six things that tell you it’s the right time to buy your first home:
- Buying a home occupies most of your thoughts: You’re ready and you’ve decided it’s what you want to do – 100%. Buying a property is your focus. It’s at the top of your goals list.
- You’re realistic about your budget: So no water views, no outdoor kitchen or spa. You’re looking for a small apartment or a bigger place further out of the city that you might rent out while you remain living in the suburb you love.
- You have a timeframe: Your plan for saving a deposit is looking good, you’ve talked to your mortgage broker and have a good idea of what you need to do to secure your loan. You have a date that you will be ready to start negotiating. And if you don’t have those, get them now!
- You have a reliable income stream: No one will give you a loan that you can’t pay back. If you have a steady job and hopefully you enjoy what you do, then you’re in a good position to save for your deposit and you’ll have a better chance of getting a home loan.
- You have good spending habits: Lenders are just as concerned with your spending habits as they are with your ability to save. If saving already makes you feel resentful, you need to shift your mindset.
- You have a plan to get a deposit: This plan will include saving (it can’t be avoided), but it can also involve some more creative ways to get a deposit together quicker – like saving in your Super fund, borrowing part of your deposit from a family member or any other way you can come up with to help you achieve that goal.
If we can help in any way to make that goal a reality, please reach out!
