Finance News

Tips for buying your first home

Tips for buying your first home Author: Courtney Thomas Buying your first home can seem like a daunting experience and out of reach for some. Here are some tips to make it happen... 1. Cut down your expenses
    You need to make some sacrifices. Try to cut out a little luxury each week, such as coffee or eating out. It all adds up.
2. Avoid paying rent
    With rent prices sky high, it can be hard to pay rent and save at the same time. If you have family you can live with, make the sacrifice to raise a deposit.
3. Rid yourself of excess debt
    Do not make the mistake of applying for your first home loan while you are carrying excess debt such as on a credit card you don’t really need. Your home loan should be your top priority.
4. Budget
    It’s crucial you establish a workable budget and stick to it. This is how you’ll get a clear picture of the home loan you can afford. There are many smartphone apps that make this easy.
5. Think outside the box
    If you can’t afford to buy where you want, consider taking on a flatmate or two and buying an investment property, while continuing to rent and live where you want to.
To discuss buying your first home or any other saving techniques, contact our office to speak to one of our accredited mortgage brokers or debt specialists.         General Advice Disclosure: This document 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. If you decide to purchase or vary a financial product, your financial adviser, AMP Financial Planning and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.  

ASCK Pty Ltd (ACN 105 450 566), trading as AMEGA Financial Solutions is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited Australian Financial Services Licensee and Australian Credit Licensee 232 706. General advice warning: This website contains general information only. It does not take into account your objectives, financial situation or needs. Please consider the appropriateness of the information in light of your personal circumstances.

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