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First Home Buyers are back!

It certainly looks like First Home Buyers are back in the market. Both NSW and Victoria have recently offered incentives for First Home Buyers; in Victoria this is in the form of stamp duty concessions and clearly this is helping.

Thinking about affording your first home, I'd like to give you a couple of tips when getting or preparing for your first home loan.

1. Be realistic - Look for a home or loan that doesn't place too much restriction on your finances. Unexpected bills could easily derail your plans, if you couldn't pay your repayments. (Even gorgeous babies can put a dent in your finances, if you haven't planned ahead).

2. Create a buffer - While you're saving for your deposit, plan to be creating a few months expenses in separate account that can be your rainy day bail-out.

3. Look for a smaller home - Living in a smaller home while you are on your own, sharing or just the two of you can provide you a solid investment option later once you upgrade. And the best bit? You will own it sooner than a larger one.

4. Have some 'Life Money' - Make sure that your budget has a little money each week or month for you to get to feel that you have a life alongside your mortgage repayments.

I offer a planning appointment for first home buyers who would like to run the figures and work out what they need to save. Could you use this?

Call the office anytime during business hours 5221 7234.