Entering the property market, especially for the first time can be overwhelming when it comes to knowing how and where to start. Here at Geelong Property Hub, we’ve combined all the property services required, to take your idea of owning a home and turning it into a reality.
If this is your first time embarking on your property journey, we always recommend speaking to our finance team at Property Hub Finance (PHF) first.
When guiding first home buyers through the process of entering the property market, PHF often start with your deposit. When it comes to saving a deposit, it can seem very daunting, but with the right guidance and following the 3 tips below you might be receiving the keys to your new home sooner than you think!
1. Set a realistic vision of your first home
Before you speak to our real estate agents at Armstrong Real Estate, Lara Real Estate or Oslo Property you need to set realistic expectations.
When we think of our first home, we often think of our dream home. But realistically we don’t need to have it all straight away and you should think of your first home as a stepping stone to entering into the property market.
We suggest thinking about where you are comfortable and happy to start, rather than where you would like to end up.
2. Establish good saving habits
There are numerous methods on how to save for a deposit, and no doubt you already have some in place. We recommend:
- Reduce and pay off loans, credit cards, and any hire purchase agreements.
- Create a realistic and measurable savings plan.
- Use a budget planner to identify expenditures that are not necessary or to identify where overspending is occurring.
These steps will demonstrate to the lender that you’re in control of your money.
3. Speak to an expert
The best thing you can do is speak to someone that has strong knowledge and experience in the industry, as they are aware of what the lenders are looking for when assessing applications. Having an expert to guide you through the process is invaluable as each lender evaluates applications differently.
The team at PHF are experts in their field and can answer any questions you may have regarding finance and your property journey.
Key takeaways
Set a realistic vision of what you want your first home to be
- Establish good saving habits to demonstrate your capacity to meet loan repayments
- Cancel any unused credit cards, and avoid instalment purchase plans
- Speak to an expert