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Saving up to buy a home is a serious long-term process

Saving up to buy a home is a serious long-term process

If you want to become a homeowner in Australia today, it is not going to be cheap. According to research from RP Data, the average price of a home is $852,000 in Sydney, and $641,200 in Melbourne.

You’d have to be extraordinarily wealthy to pay even a fraction of that money upfront with the cash you have on hand. More than likely, you’ll have to spend years saving.

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Saving up to buy your first home

Saving up to buy your first home

Be ready for the challenge with the right broker

If you’re like most Australians at the very start of their career, you don’t have the money saved up to buy a house just yet. You probably have to spend much of your 20s working hard, stashing away some of your income and eventually putting together enough money to make a deposit on your home.

This saving process can be a grind. It’s difficult to know how much you can afford to save – or, just as important, how much you’ll need for the ordeal that lies ahead. Even for the financially savvy among us, this planning process can be maddeningly complicated. That’s why it helps to have a broker who can sit down with you and help figure things out.

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Why 2017 might be the right time to refinance your home loan

Why 2017 might be the right time to refinance your home loan

For many Australians, making repayments on home loans constitutes somewhat of a backbone for their entire financial plan from month to month. They receive their paychecks, they put a substantial amount towards paying off their homes and they divvy up the remaining money in a budget that makes sense.

But what if it was possible to refinance your home loan, and by extension, rebuild your entire budget for the better?

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Are you fully prepared to buy your first home?

Are you fully prepared to buy your first home?

Buying a home for the first time is a major step in anyone’s life. Once you finally decide to stop renting and own your own place, it’s financially liberating. You’ll no longer be throwing your money away every month on rent payments – instead, you’ll be putting it toward owning your own property and adding to your wealth long-term.

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Factoring in all the costs of a new home – including stamp duty

Factoring in all the costs of a new home – including stamp duty

Most Australians, unless they’re born extraordinarily wealthy, have to spend years of their lives saving money before they’re finally ready to buy a house. This means drawing up a solid plan for making mortgage payments every month in perpetuity, as well as putting away a lot of funds just to make the down payment initially. This alone is taxing, but unfortunately, the financial challenges don’t end there.

Stamp duty is one part of the price of a home that often goes overlooked, but unfortunately it can be pretty significant. If you’re saving money to buy a house, you had better include those extra few percentage points as part of the total amount you’re building towards.

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Is now the right time for you to take out a mortgage?

Is now the right time for you to take out a mortgage?

There’s no time like the present to buy a house. After all, even though a new home brings an extraordinary expense, it’s also a good value over the long run.

Every month you’re living in your own place means another month you don’t have to rent, which means you’re adding to your long-term net worth rather than paying off someone else’s home loan.

The sooner you buy, the sooner you can begin accumulating wealth.

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Is now the right time to refinance your mortgage?

Is now the right time to refinance your mortgage?

If you’re having trouble making the payments on your home each month, it will always be tempting to refinance your mortgage and work out a new arrangement that’s more realistic for you financially. This is a big step, though, and once you take it, it’s hard to turn back. Is now really the right time to pull the trigger and make the big refinancing move?

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