The dream of owning your first home just seems to always be further and further away. Considering Australia’s rising costs of property that isn’t really surprising either, but there are ways to keep that dream within sight so you can quit living in rentals and giving someone else your hard-earned money, or if you’re one of the many that are still living with dear ol’ mum and dad – this can remedy that too! Before we get to that however we need to understand just what’s causing all this hardship, and some ways to overcome it.
This is by far the most tedious and cumbersome aspect to first time homeownership. That 10-20% sounds reasonable but as First Home Buyers Australia (FHBA) has found; more than 40% of people who responded to their poll had the hardest times with squirreling away that needed amount for their loan. There is a simple key to it all however; it just takes planning, some research, some willpower to quit unnecessary spending. Once you’ve figured out your needed deposit you need to start identifying the unnecessary spending you do and sort it out. Every little bit is going to get you that much closer to your needed deposit. Set your goals and stick with them.
THE RIGHT PROPERTY FOR THE RIGHT PRICE
Just because you like the look of a particular home, doesn’t mean that it’d be the best choice for you, and with the rising costs of property in Australia these days; it may not even be the best price either! Coupling this with the burden of saving for the deposit, it’s no wonder that home ownership dream of ours seems so far away. Consulting real estate professionals is a sure fire way to make sure you’re going to get the best possible pricing for your new home, or that you’ll find what you’re looking for in a home, often where you’d least expect.
Ask for help
No man is an island it’s said; never be afraid to ask those around you for help keeping yourself on task. Especially when it comes to family, they may have better firsthand knowledge of the process you can take advantage of. Aside from that there are also innumerable mortgage brokers and financial planners that specialize in just these sorts of situations and they could show you other avenues for savings and planning that you may not have considered or knew existed.
While a considerable undertaking to be sure; first-time homeownership is still a possibility for every Australian; dedication to a financial plan, and potentially a change in spending habits will work wonders in getting there. Reach out to those close to you who own homes, and seek out brokers and planners to help you in your goal and you’ll be surprised how easy it can be, just remember there will be some give and take. All said and done, if you stick to it and dedicate yourself to your dream, it’ll be a reality sooner than it appears now!