Are you ready to buy?
If you’ve been told you’re not quite ready to buy a property, it will generally be for one of two reasons:
- Deposit
- Income
If you’re falling short on deposit, you’ve got 3 options:
- Increase your deposit. You can do this by saving more or alternatively, you may have a friend or family member who can offer to top up your deposit with a gift
- Assess your eligibility for grants and government schemes. The First Home Owners Grant can be used towards your deposit with most lenders. There may also be Government schemes that reduce the amount of funds you need, e.g. the First Home Loan Deposit Scheme
- Do you have a family member who has equity in their property? You can talk to them about going guarantor on your loan which may reduce your deposit requirements
If you’re falling short on income you can look at the following:
- If you have a job where you can pick up more shifts, do so
- You may look at getting a second job
- You could ask your boss for a promotion or pay rise
- You may have a friend or family member you could ask to buy the home with you
- Reduce your liabilities by paying out debts or refinancing loans to lower your repayments
- Get rid of a partner with debts 😊
Click here to book a call to get started on your home ownership with a low deposit.
