You need to start thinking like an investor – you need to know how an investor assesses property for its wealth potential and how to select the right property. On one hand you are a little different to most investors because you have an extra dimension to consider – convenience. Although there are over 15,575 suburbs and towns within Australia, based on your work and family commitments you are usually limited to about 20-40 suburbs for your initial research – depending on where you are willing live.

However to truly make your first property purchase work you’ll need to know how to research those suburbs and compare them. You’ll need to know exactly what you can afford as a maximum purchase price.

You’ll also need a flexible loan so that it can change as your needs change- so if you decide to upgrade and move you can turn the well-bought property in an in-demand area into an investment property. Many first homebuyers make this mistake and it ultimately prevents them from turning their property into an investment. They start with a homeowners loan, like their parents did. This means is that they often have prevented many of the tax benefits that a finance lending structure built purposefully for their flexibility and specific circumstances would allow.

Read the process of a first home owner below and learn how Investors Choice Mortgages can assist you.