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How long do you think it’s going to take to have enough money to buy real estate? Whether you’re doing it as an investment or using first-home buyer grants for the family home, it’s a long process.
In fact, research from Finder has revealed that one-third of Australians will be saving for more than five years before they can get a home loan. On top of this, 11 per cent had been saving for more than a decade before they bought. How can you adjust your financial planning to cut this time down and get on the ladder sooner?
Pick your spot carefully
When you decide it’s time to embark on your financial journey with property you have to remember it’s a long-term process. Hardly anyone gets their dream home the first time around – it takes a lengthy period of saving, investing and leveraging equity to get the home you truly want.
By that token, sometimes it’s a good idea to make your first home purchase wherever you can – rather than where you prefer to live. For example – a 2016 BankWest report indicated that in Tasmania, it only takes a couple 2.8 years to save for a home. In WA and SA, the average figures are 3.5 and 3.6 years respectively.
Choosing somewhere with a lower entry price point, perhaps outer suburbs of your preferred city can see you get on the real estate ladder much sooner.
Consolidate everything you can
If owning your own home is something that you truly want, then make sure your daily actions back that dream up. We often see clients who, through the process of working with us, realise that their financial behaviours don’t support the things they value the most. It is a common mistake and an easy one to make. Be clear about what you want by setting clear goals.
There are many options available that can help you get started on a property investment or first home buying journey. For example, you could minimise debt by consolidating it or set out a clear budget that removes spending in areas less important to you and then funnelling that money into paying down debt or fortifying your savings.
You can also look for home loans that only require a 10 per cent deposit rather than 20 per cent, although you will have to contend with Lenders Mortgage Insurance in this instance. First home owner grants, guarantors and professional financial advice can all put you on the right track. Meeting with a lending specialist can also help you understand what you need to do. Cory and Brittany are clients of ours who landed their first home recently with our support.
There’s no real need for you to join that percentage of Australians waiting five or even 10 years to buy a property. It’s the first step on the way to creating wealth – it doesn’t have to be a giant leap for mankind.
This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
Invest Blue Pty Ltd (ABN 91 100 874 744) and Subsidiaries trading as Invest Blue, is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited ABN 89 051 208 327, Australian Financial Services Licence and Australian Credit Licence No. 232706
Cornerstone Financial Group Pty Ltd (t/as Invest Blue Lending) ABN 92 099 426 507 is authorised under LMG Broker Services Pty Ltd ACN 632 405 504 Australian Credit Licence 517192.