Yep it has been a tough year - good news less than 100 days till...
First and foremost, there is money on the table
There’s over $60,000 if you’re eligible that the banks and government are going to give you access to and it means that you can actually get into your first property sooner at a lower price than you ever thought. And you may be able to do that with just a 5% deposit.
Knowing what you can afford. And what can you afford? Well get a mortgage broker to go and find out what your income and expenses look like so they can understand what lenders will lend you.
Once you understand that then we take into account your deposit because you could be limited by what you can afford to buy, or you could be limited by your deposit. Usually people are limited by one of those things.
Understand where your limitations are so that you can work on it. If your limitations are servicing now let’s talk about how to increase your income.
How do you increase your income? Well maybe ask for a pay rise, maybe do some extra shifts, maybe find some extra work, maybe get paid for things that you’re really, really good at and you’re just giving away.
You know find out, maybe on clarity.fm, maybe on Airtasker where you can actually make some extra bucks that can go into your deposit as well.
Get your income up and reduce your expenses!
How can you reduce your expenses? Work out what you’re actually spending your money on. So get a book and write it down for the next two weeks, I’m sure you’ll be surprised. And look at where you’re spending your money.
Look at the marketing that is going on every single day. Maybe you’re picking up that extra chocolate when you’re at the petrol station. You know maybe you’re going out for dinner with your friends and family. Let’s bring back the progressive dinner or the potluck dinner, you know?
Let’s bring it back and save some money. Maybe get rid of that Netflix subscription, maybe get rid of the gym subscription. There are so many great gyms, and even on YouTube, really great workouts you can do. But check out the Nike one, it’s a great free app with great workouts on it.
There are ways you can reduce your expenses as well. That’s going to affect your borrowing capacity and if you would like us to do that for you at Investors Choice Mortgages, more than happy to, we will do that assessment for you, and if you make an appointment with the link that I have, which is investorschoice.com.au/bookings, I will get to you that course worth $495 for our first home buyers.
There are over 30 modules in it, lots of exercises, as I’ve said I’ve had that on the market for $495, I’m only giving it to my first time buyers that I’m working with here at the moment.
You know you don’t have to pay for education too. You can actually come up with a really good way of actually getting it for free. So look at what you can get for free, there’s free activities happening all the time in the city.
Understand where you’re spending your money and see what the alternative could be. Rather than buying a book go to the library. You can actually download with the apps all of the electronic books, you don’t even have to go to the library these days, except to join. And then look at your savings.
If you are saving money put it in a savings account, don’t just leave it in your wallet because you’re going to spend it. Increasing your savings is actually really easy when you put your mind to it. But first and foremost, you have to know how much you need to save.
That’s a speedy recap, there is money on the table, increase your income, reduce your expenses, increase your deposit, and you can be one of the people can get into your first home even sooner than you thought for even less than you even thought possible.
You’ll catch us every Wednesday If you’d like to type REMIND on the Facebook FHB Show episode, we’ll send you a copy of The Guide to FHB Grants.
If you would like to make a time to have a discussion about your borrowing capacity or how much you need in savings then click here https://investorschoice.com.au/bookings and I will also get you access to my First Home Buyers Course (valued at $495) after you have had your call.
And remember to join the Group https://www.facebook.com/groups/firsthomefirstinvestment/ and download the Show Notes from past episodes
Websites mentioned in the Show: