Buying a home can be very stressful!
In this article, I discuss three home buying tips I wish I knew earlier.
I look into the various Government Schemes you should take advantage of. Why your first property doesn’t need to be your forever home. Lastly, why you should cancel the credit cards you don’t use!
Government Schemes
There are many government schemes available to first home buyers.
Taking advantage of these schemes can not only take off the pressure and stress that comes with purchasing a home, but also the in “betweens” like saving for a deposit or paying lenders mortgage insurance.
With some of these schemes, you could find yourself only putting down a 2% deposit WITHOUT paying lenders mortgage Insurance (INSANE 🤯).
Here’s a quick snapshot of the many Government first home buyers schemes. I also have a free e-book you can download!
- First Home Super Saver Scheme
- First Home Buyer Assistance Scheme
- First Home Guarantee
- Family Home Guarantee
- First Home Owners Grant
- Shared Equity Builder
Your First Property Doesn’t Need To Be Your Forever Home.
Yes you read that right!
For most people, their first property is never their forever home. In an Australia 2016 census many people lived at different addresses in 2016 than 2015.
It’s also important to know that your circumstance might change, you might get married, have kids or might want to relocate.
Don’t put yourself in unnecessary stress to find the “one”. You can always buy an apartment and then later upgrade once you have more money.
The most important thing is getting your foot on the property ladder!
Cancel Credit Cards You Don’t Use
If you have any credit cards open the bank actually looks at the total credit card limit as a debt!
They can reduce your borrowing capacity by up to 6 times!
Even if you’re someone like me who pays off the full balance owing on their credit cards every single month.
Say you have a $15,000 credit card limit, this could reduce your borrowing capacity by $90,000
$15,000 x 6 = $90,000
That’s why whenever I am looking to get a mortgage from a bank, I always use one credit card that I absolutely need. I also reduce the limit as much as possible!
There are many government schemes available to help first home buyers. There’s a First Home Guarantee, the First Home Super Save Scheme and many more.
There is no right age to buy your forever home. Life and expectations can change at any age. Don’t put yourself in unnecessary stress to find the “one” at a certain age.
If you have any credit cards open the bank actually looks at the total credit card limit as a debt! They can reduce your borrowing capacity by up to 6 times!
