I'm a young fella 28 and single just finished off my second car loan. Now I am planning save deposit for a 2 bedroom house 250k -300k that is close to my work. I appreciate the your tips but the only thing that I'm worried about is job security while I commit myself to paying off / buying my first home
It's great to hear that you're planning to save for a deposit on a 2-bedroom house close to your work. I understand that job security can be a concern when committing to a long-term financial responsibility like a mortgage. Here are a few suggestions to help you feel more secure while pursuing your goal of homeownership: Build an emergency fund: Before you commit to buying a home, make sure you have an emergency fund in place. Aim for at least three to six months' worth of living expenses, including mortgage payments. This can help you weather any unexpected financial challenges, such as job loss or reduced income, without jeopardizing your home. Assess your job stability: Take a close look at your current job situation and consider factors like your industry's growth potential, the overall job market, and your skills and qualifications. If you feel uncertain about your job security, consider investing in your career development by pursuing additional training or certifications that may increase your marketability and job stability. Diversify your income: To reduce your dependence on a single job, explore opportunities to create multiple income streams. This could include part-time work, freelancing, or starting a side business. Diversifying your income can help you feel more financially secure and provide a cushion if your primary job becomes unstable. Choose a mortgage product wisely: When applying for a mortgage, consider choosing a product that offers flexibility in case your financial situation changes. For example, look for a mortgage with no prepayment penalties, which allows you to make additional principal payments when you have extra funds. This can help you pay off your mortgage faster and potentially reduce your overall interest costs. Maintain a strong credit score: A good credit score can make it easier for you to refinance your mortgage or obtain better interest rates if needed. Make sure to maintain a healthy credit profile by making on-time payments, keeping your credit utilization low, and managing your debt responsibly. By taking these steps, you can mitigate the risks associated with job insecurity and feel more confident in your decision to purchase a home. Remember to be patient and give yourself enough time to save for a deposit and prepare for homeownership.
If you are renting, here is very good tip; hidden fees, break lease fees and cleaning fee for your renting property, if you are buying a unit, dont hire a building inspector. I regret to spend money for building inspector. Never spend money for it. Also pest inspection as well. Essential fee is for your solicitor.
Hey mate, appreciate your videos - any advice on exactly when in the process to get pre-approval sorted? Have started going to open homes and paying more attention to the market recently, however I am cautious of getting pre-approval 'too early' and having to go through the process multiple times. Is this a valid concern, or should I just get the pre-approval and accept I might not find something suitable within that period? Cheers.
Thanks for watching Jezza! In the current market it is worth being prepared and having a preapproval helps with that, the agents will take you more seriously and allow you to make offers if you find something suitable. If you are looking its worth getting pre-approval to be ready to go. Get in touch with the team and we can explain the process in more detail - www.huntergalloway.com.au/get-free-assessment/
Absolutely, stepping into the property market, especially as a first home buyer, is a significant milestone. Here are some recommendations for first home buyers in Melbourne: Education and Research: It's vital to educate yourself about the property market in Melbourne, understanding the trends, property values, and the different suburbs and their characteristics. Financial Preparation: Before house hunting, it's advisable to have a clear understanding of your financial position. This includes knowing your credit score, saving for a deposit, and understanding the amount you can afford to borrow. Government Grants and Incentives: Look into government grants and incentives available for first home buyers in Victoria. The First Home Owner Grant (FHOG) and stamp duty concessions can provide significant savings. Pre-approval: Obtaining a mortgage pre-approval will give you a clear picture of what you can afford and show sellers that you are a serious buyer. Professional Guidance: Engage with a reputable mortgage broker, like Hunter Galloway, who can guide you through the financing process, ensuring you get a mortgage product that suits your needs. Home Inspection: Always have a professional inspect the property to uncover any potential issues before making an offer. Consider Future Growth: Look for areas with potential for growth in property value. Proximity to public transport, schools, and amenities can be a good indicator of future growth. Be Patient: The home buying process can take time. It's important to be patient, stay informed, and not rush into any decisions. Legal Assistance: Have a solicitor or conveyancer review all contracts before signing. They can help you understand your obligations and ensure the contract protects your interests. Build a Support Network: Surround yourself with a knowledgeable and trustworthy team including a mortgage broker, real estate agent, and solicitor to guide you through this journey. By following these steps and leveraging professional guidance, you can navigate the home buying process more smoothly, making your home ownership dreams a reality in Melbourne.
@@MortgageBrokerAustralia Excellent. Thank you. That's such a great summary. Me along with my partner watched the other videos as well. Any suburb recommendations?
Everybody knows the land content is the one that appreciates. However, buying a house is far more expensive than an unit or apt. Buy within your means !!!
I have a plan but I am thinking it is a little stupid. I am in Auckland nz but not ready to move to Australia cause of some family issues. But it looks way cheaper in Perth than here. Basically a house that costs 400k in some parts of Perth would cost over 1.2 million in any suburb of Auckland. Now my plan is to go to Australia for 6 months, buy a house and put it up for rent until I am ready to make a permanent move. I have done a bit of research and was advised that in WA if I am there by the time of the offer and transfer, I won't be charged the foreign tax, as an nz citizen. So I will only pay the normal stamp duty if I can't live there for 6 months after the purchase, which should be less than 15k for a 400k house. My only fear is I might be jumping in when prices are falling and interest rates rising. So negative gearing from the get go plus maybe no capital growth for the foreseeable future.
Thanks for sharing Last_Samurai, sounds like you've thought this through and always going to be tough to time the market. We had Jeremy Sheppard on recently and this video might be helpful in your current circumstances: ruclips.net/video/rD9-VVZxIF0/видео.html
I'm a young fella 28 and single just finished off my second car loan. Now I am planning save deposit for a 2 bedroom house 250k -300k that is close to my work. I appreciate the your tips but the only thing that I'm worried about is job security while I commit myself to paying off / buying my first home
It's great to hear that you're planning to save for a deposit on a 2-bedroom house close to your work. I understand that job security can be a concern when committing to a long-term financial responsibility like a mortgage. Here are a few suggestions to help you feel more secure while pursuing your goal of homeownership:
Build an emergency fund: Before you commit to buying a home, make sure you have an emergency fund in place. Aim for at least three to six months' worth of living expenses, including mortgage payments. This can help you weather any unexpected financial challenges, such as job loss or reduced income, without jeopardizing your home.
Assess your job stability: Take a close look at your current job situation and consider factors like your industry's growth potential, the overall job market, and your skills and qualifications. If you feel uncertain about your job security, consider investing in your career development by pursuing additional training or certifications that may increase your marketability and job stability.
Diversify your income: To reduce your dependence on a single job, explore opportunities to create multiple income streams. This could include part-time work, freelancing, or starting a side business. Diversifying your income can help you feel more financially secure and provide a cushion if your primary job becomes unstable.
Choose a mortgage product wisely: When applying for a mortgage, consider choosing a product that offers flexibility in case your financial situation changes. For example, look for a mortgage with no prepayment penalties, which allows you to make additional principal payments when you have extra funds. This can help you pay off your mortgage faster and potentially reduce your overall interest costs.
Maintain a strong credit score: A good credit score can make it easier for you to refinance your mortgage or obtain better interest rates if needed. Make sure to maintain a healthy credit profile by making on-time payments, keeping your credit utilization low, and managing your debt responsibly.
By taking these steps, you can mitigate the risks associated with job insecurity and feel more confident in your decision to purchase a home. Remember to be patient and give yourself enough time to save for a deposit and prepare for homeownership.
If you are renting, here is very good tip; hidden fees, break lease fees and cleaning fee for your renting property, if you are buying a unit, dont hire a building inspector. I regret to spend money for building inspector. Never spend money for it. Also pest inspection as well. Essential fee is for your solicitor.
Hey mate, appreciate your videos - any advice on exactly when in the process to get pre-approval sorted?
Have started going to open homes and paying more attention to the market recently, however I am cautious of getting pre-approval 'too early' and having to go through the process multiple times. Is this a valid concern, or should I just get the pre-approval and accept I might not find something suitable within that period? Cheers.
Thanks for watching Jezza! In the current market it is worth being prepared and having a preapproval helps with that, the agents will take you more seriously and allow you to make offers if you find something suitable. If you are looking its worth getting pre-approval to be ready to go. Get in touch with the team and we can explain the process in more detail - www.huntergalloway.com.au/get-free-assessment/
How about selling?
Any recommendations for first home buyers in Melbourne? TIA
Absolutely, stepping into the property market, especially as a first home buyer, is a significant milestone. Here are some recommendations for first home buyers in Melbourne:
Education and Research:
It's vital to educate yourself about the property market in Melbourne, understanding the trends, property values, and the different suburbs and their characteristics.
Financial Preparation:
Before house hunting, it's advisable to have a clear understanding of your financial position. This includes knowing your credit score, saving for a deposit, and understanding the amount you can afford to borrow.
Government Grants and Incentives:
Look into government grants and incentives available for first home buyers in Victoria. The First Home Owner Grant (FHOG) and stamp duty concessions can provide significant savings.
Pre-approval:
Obtaining a mortgage pre-approval will give you a clear picture of what you can afford and show sellers that you are a serious buyer.
Professional Guidance:
Engage with a reputable mortgage broker, like Hunter Galloway, who can guide you through the financing process, ensuring you get a mortgage product that suits your needs.
Home Inspection:
Always have a professional inspect the property to uncover any potential issues before making an offer.
Consider Future Growth:
Look for areas with potential for growth in property value. Proximity to public transport, schools, and amenities can be a good indicator of future growth.
Be Patient:
The home buying process can take time. It's important to be patient, stay informed, and not rush into any decisions.
Legal Assistance:
Have a solicitor or conveyancer review all contracts before signing. They can help you understand your obligations and ensure the contract protects your interests.
Build a Support Network:
Surround yourself with a knowledgeable and trustworthy team including a mortgage broker, real estate agent, and solicitor to guide you through this journey.
By following these steps and leveraging professional guidance, you can navigate the home buying process more smoothly, making your home ownership dreams a reality in Melbourne.
@@MortgageBrokerAustralia Excellent. Thank you. That's such a great summary. Me along with my partner watched the other videos as well. Any suburb recommendations?
Thanks Nathan
thanks for watching!!
Everybody knows the land content is the one that appreciates. However, buying a house is far more expensive than an unit or apt. Buy within your means !!!
Thanks for sharing A F
I have a plan but I am thinking it is a little stupid. I am in Auckland nz but not ready to move to Australia cause of some family issues. But it looks way cheaper in Perth than here. Basically a house that costs 400k in some parts of Perth would cost over 1.2 million in any suburb of Auckland. Now my plan is to go to Australia for 6 months, buy a house and put it up for rent until I am ready to make a permanent move. I have done a bit of research and was advised that in WA if I am there by the time of the offer and transfer, I won't be charged the foreign tax, as an nz citizen. So I will only pay the normal stamp duty if I can't live there for 6 months after the purchase, which should be less than 15k for a 400k house. My only fear is I might be jumping in when prices are falling and interest rates rising. So negative gearing from the get go plus maybe no capital growth for the foreseeable future.
Thanks for sharing Last_Samurai, sounds like you've thought this through and always going to be tough to time the market. We had Jeremy Sheppard on recently and this video might be helpful in your current circumstances: ruclips.net/video/rD9-VVZxIF0/видео.html
Wa is cheaper but being in Auckland buying something regionally in nsw may be easier for you. If too expensive there's vic
@@maccs19 will checkout vic or otherwise Adelaide. They seem to be a lot more reasonable than here.
Too fast like a bullet train
Thanks for watching Jane