There are some topics of conversation we’ve learned which are meant to be taboo. But we really should chat more openly about our money. Especially before making what will be the biggest investment of our lives – property.
If you’re not sure how you’re meant to save a deposit, secure financing, afford the repayments for your first home – or if you simply just don’t know where to begin – here are a few good places to start, we hope this helps out…
1. Having your everyday budget under control before you even start saving for a home is certainly helpful! There are lots of podcasts out there to help you gain a new perspective on using money as a tool and budgeting. Just remember to look for Australian podcasts which will be more relevant to you.
Listen to a few like:
- My Millennial Money
- She’s On the Money
- The Australian Finance Podcast
- The Pineapple Project or
- You Need A Budget and implement the tips that work for you.
2. Math is hard. But online calculators make it easy! Before you need to talk to the experts, you can get a ballpark figure of how much you’ll need to buy a new home. Most of the major banks have free calculators online that will help you to figure out how much you need to save for a deposit, how much your repayments will be and how much you could potentially borrow.
3. Do you have family or friends who have recently bought their own home? Ask them about their experiences, any professionals they’d recommend and also what they wish they’d known before buying property. Just remember that, while they’re more experienced than you, they’re not experts.
4. If you can afford it, speak to an independent financial advisor about your money goals. This service will likely seem expensive but it’s worth it in the long run. They’ll be able to figure out a lifelong plan for your money, including buying your first home. That’s totally ok if they’re upfront. You’ll still likely be able to use their knowledge and get a better deal than you would by going it alone.
5. When it comes to securing a mortgage specifically, speak to a professional. Talking with someone at your own bank is a good place to start if you like their service so far. Mortgage brokers can be handy to cut down on time and your own brain power too. They’ll look at a wide range of loan options for you, but not all of them. So it’s handy to chat to two or three brokers from different companies – in addition to doing some of your own research – to see who comes up with the best goods.
6. If you’ve got your heart set on a certain estate, you’ll often find they have their own in-house experts that they can recommend to help. At Urban Square, Estate Manager Naomi Adams is happy to guide and advise you (she may even be able to let you in on any upcoming promotions that will make home ownership more affordable). Chat to her on (03) 9684 8141 or book an appointment with her here.
Oliver Hume also has their own financial services to help you secure a home loan. You’ll likely find that talking to professionals who have an existing relationship with your estate, can make the first-home-buying process simpler, a little faster and more streamlined.