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Tips for First Home Buyers

'More first home buyers feel that home ownership is closer now than a year ago' according to 1400 first home buyers surveyed in Westpac's 2018 Home Ownership Report recently.

It's interesting to note that the article also said that although Victorians first home buyers were more optimistic than their interstate counterparts and that they were also 'more determined' in 'their willingness to make sacrifices, in taking up extra income and in using digital resources to help themselves get ahead'.

While the experts quoted in this news.com.au article reveal that 'there are still considerable challenges for Victorian first-home buyers' they do offer some useful tips which I've expanded:

  • Buy what you can afford first. Look outside the 'expected' square. Read up about the interest that you'll pay on a larger loan and plan to buy smaller or in a different area first. Pay extra repayments to increase your equity quickly and move up to your dream home later.

  • Chat to us about whether paying Lenders Mortgage Insurance might be a good strategy for you (it will all depend on your situation and where you're buying)

  • Decrease your expenses as much as you can while you're saving. Move into a cheaper rental or share with friends to save more and get you into your house sooner.

  • Know exactly what you are doing and how you plan to get there. Talk to us to create a plan so you know exactly what you need to save each month

Make an appointment with us to make the plans that will get you into your dream home sooner and with more money in your pocket!