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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.

Deciding how much to save for a home

Saving to buy a home can be complicated because you have to anticipate two layers of financial burden – your initial deposit, followed by the mortgage repayments you’ll have to make for years thereafter. According to Consumer Affairs Victoria, it’s inadvisable to begin this process without planning carefully first. This means choosing your preferred towns and neighbourhoods and being honest about how nice of a place you can afford.

It’s important to consider both your present and future financial circumstances. Times can change – starting a family, switching jobs or external factors like interest rate hikes can all have an impact on your financial clout. You have to plan ahead for any eventuality.

Figuring out your future loan rates

Whether you can afford to buy a given house will depend in large part on the home loan interest rates you’ll have to pay. According to research from Commonwealth Bank, there are a wide range of loans available these days – some are fixed-rate loans, which offer predictability and stability, while others are more variable.

The last thing you want is to end up in financial trouble because your money situation changes and you suddenly can’t afford to pay your mortgage. Make sure you find a home loan with the right level of stability for your situation.

Enlist the help of mortgage brokers

Buying a home is always challenging, but it always helps simplify the process when you can get help from expert professionals who can guide you through it. This is where we come in.

With over 40 lenders at our disposal, we can help find you the right home loan for your situation.

Contact the team at Premium Portfolio Finance if you’d like to learn more.

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