Help get Gen Y into the Property Market
For Gen Y, buying property is tough. We all know they’re addicted to smashed avocado and hashtags, so how exactly will they be able to buy their first home? Well, at First Home Buyers Direct we’re all about helping first home buyers so we’ve done some number-crunching and have all you need to know right here.
1 - Be Market Aware
Being market aware is important so you don’t overpay for your home. Currently the cost of property is at an all time low which is great because not only will you be able to build your first home cheaper than you could have 5 years ago, you will also have lower repayments and depending on when you sell your home you will hopefully make a profit.
2 - Review Your Expenses
Did you know that one coffee each day from a cafe can add up to more than $1000 per year? If you don’t believe us - check this out.
1x medium coffee ~ $4.50 x 5 working days in a week = $22.50
$22.50 x 48 weeks (one working year less 4 weeks annual leave) = $1080
Take a forensic approach to your incoming and outgoings -- do you have a gym membership you’re not using, can you get a better price on your car insurance etc? By putting aside a few dollars here and there, your clever budgeting will add up to larger monthly savings that will contribute to your home deposit.
3 - Keep Yourself Accountable
When saving, keep yourself accountable and treat your savings as an expense that you have no choice of paying. Find a system that works for you, maybe have your savings direct debited from your account each month or transfer them into a separate account that isn’t easy to withdraw from. The harder it is to withdraw from your savings, the less likely you will be to do it.
4 - Ask For Help
If you can, give Mum and Dad a call. Buying a house now isn’t as easy as it was back in their day and if they’re able to we’re sure they can help you. You don’t need to necessarily ask them for a loan but if they can go guarantor for you, it will give you a ton of extra points at the bank.
5 - Take advantage of Grants
This one is easy. The First Home owners grant (FHOG) is currently at a maximum of $10,000 for newly built houses. This means that if you buy a pre-established house you’re not going to get the most out of the FHOG so be smart with the choices you make.
Now that we’ve helped you put together a plan, get the wheels in motion and get yourself into your first home. To make your goal realistic, achievable and measurable check out our wide range of finance options so you can start visualising your first home today.
Posted by First Home Buyers Direct on 20 November 2017 | 0 comments
Back To Blog Entries