It’s easier than you think!

by Sep 26, 2017First Home Buyers

Ok, so I know it’s getting harder for first time home buyers to get into their first home, but it’s not impossible.

With some planning and knowledge, it’s easier than you think. Below I’ve outlined 5 points that may just help you get into your first home.

# 1 Have a plan & a budget

If you don’t have either of these then it’s just a wish.  Do your research and start to work out what it is you want and what you think you can afford.  Then create a budget for yourself and start saving.  Don’t know how to create a budget?  Click here https://cherrylending.com.au/contact/ to register for my free budgeting spreadsheet.

# 2 Know what is available to you

As a first home buyer you could potentially have access to the first home owners grant, plus stamp duty exemptions.  On July 1st 2017 the State Government eliminated stamp duty on all properties, new and established, up to $600,000.  That means that on a $600,000 property that is a saving of $31,000.  I know!  You can find out more information on these government incentives at https://cherrylending.com.au/finance-kit/.

# 3 Review your current situation

Ok, so you’ve got your plan and budget in place and are all over the government incentives, but will you tick the boxes when it comes to the lenders’ lending policies?  What am I talking about now?  Each lender has their own lending criteria that you’ll need to meet before you can be approved for a home loan, and each lender is different so it’s not a one size fits all.  Some things to consider are; ensuring you have genuine savings, reducing the number of credit cards you have and their credit limits, and how it is that you get paid (i.e. are you self-employed or do you work for someone else – PAYG).

# 4 Surround yourself with people that can help you

There are so many things to consider when purchasing your first home and so much to learn, but rather than shrugging your shoulders and putting it in the ‘too hard box’ surround yourself with people that can help you with your goal.  Get in touch with me here at Cherry Lending + Finance and let me help educate you on your budget and lending requirements.

# 5 Make it happen!

There’s only one person that can make this happen and that’s you, so stop talking and start doing!