Simple Tips to Help First Home Buyers Organise Their Finances
Buying your first home is an exciting journey, filled with possibilities. However, if you are struggling to get on top of your finances, these possibilities can seem out of your reach. Don’t despair, though, because No Deposit First Homes has the answer.
By following these simple tips, you’ll keep your finances in check and enjoy every moment of buying your first home.
Determine What You Can Afford
Before purchasing your dream home, first determine what you can afford. Our highly qualified mortgage brokers will sit down with you and go through all the aspects of first home finance.
From determining the right mortgage for you to handling repayments, finding the lowest interest rate and even future options, such as taking a “mortgage holiday” when the children come along.
Review Your Finances
So, you’ve found your ideal first home. But, the question is, can you afford it? To answer this question, take an accurate snapshot of your finances.
This will help you understand exactly how your money is currently being spent and which changes you can make. Knowing this is the first step to creating a budget, and determining how much you can afford in repayments.
Reduce Your Debt and Loans
If you’re already juggling a lot of debts and loans, adding the stress of a mortgage to the mix will make the situation even more stressful.
But, it doesn’t need to be this way. To reduce your financial stress, try to reduce your debt as soon as possible, particularly if you’re carrying high interest credit card debt.
Build Up Your Savings
At No Deposit First Homes, we know how stressful saving for your home deposit can be. So, as our name implies, no deposit is required. However, by getting into the habit of saving, you’ll be prepared for anything – whether it’s an emergency or just a rainy day.
Talk to No Deposit First Homes
We understand that saving for your first home can be quite overwhelming. To relieve that pressure, the Federal Government has introduced first home buyers’ grants in every Australian state and territory.
Our expert staff will help you find the right grant for you so that you can move into your first home sooner.
For more advice on handling your finances when buying your first home, simply call or email the experienced team at No Deposit First Homes today.