Thinking about purchasing your own home this year? How exciting!
The dream of homeownership is facing some new challenges, especially for those in their twenties. Recent data from the Australian Institute of Health and Welfare shows the rate of young adults owning a home dropped from 50% in 1971 to only 36% in the latest 2021 Census. Even for those aged 30–34, it fell from 64% to 60%.
But the dream of having your own home is still very much alive!
Here are 4 steps that you can take now, to put you on the path to buying your future home.
Begin your journey to owning a home by saving money wisely. Consider following the 50:30:20 rule – put half your income toward essential items like food and rent, then split the rest between fun stuff (holidays, eating out) and savings. Following this rule has the potential to help you save consistently, no matter how much you make.
Build good money habits with simple changes, like cooking at home instead of ordering takeout, biking to work to save on petrol, or choosing home get-togethers over expensive outings to save up for your home deposit!
Learn more on how you can save for your deposit here.
Credit cards can be handy, but don’t go overboard. Missing payments or racking up too much debt not only messes with your finances but also hurts your credit score. A bad credit score can make it tough to get the right home loan when you find your dream home!
Buying your first home means dealing with more costs than just your mortgage. Think about all the associated costs such as:
As a mortgage broker, our role is to work closely with a panel of lenders — from the big banks, to the smaller lenders you may not be as familiar with — to ‘shop around’ in the home loan market on your behalf. But our job isn’t just about comparing home loans. We stay on top of market trends and changing lender requirements, so you can be confident in the recommendations we provide.
Even before you are ready to buy a home, we can offer valuable support by explaining the home buying process and working with you to ensure you achieve your property goals.
So, if you’re planning on making your home ownership dreams a reality this year, please contact us for assistance today!
The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this website is General Advice and does not take into account any person's particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this website are provided for illustrative purposes only. Although every effort has been made to verify the accuracy of the information contained on this website, Infocus, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.