Because of John’s perseverance and single-mindedness for his ambition, he changed the landscape of the Australian home lending industry.
So, what’s your story? Are you struggling to come up with your house deposit and you really really want to purchase your dream home?
With these six tips I’m going to give you, you’ll raise the money needed for a deposit faster.
A deposit for a home is a tall order at the best of times. And when you take a peek at your savings account, the odds of buying an investment property seem to disappear.
A good broker will help you to navigate the interest rate puzzle and different lending criteria. Plus, they’ll also make you more aware of your financial situation. That means you don’t end up spending more time on saving for a deposit than you can afford.
The problem is that a home may be in a location that you can’t afford to buy in. If that is the case, then falter not because ‘rentvesting’ may offer a solution.
Now, if you find yourself inclined to tread the path that Christine Williams took, you can rest assured that your strategy will help you reach positive results not only in the long term but also in the short term.
You have to be honest with yourself in regards to what you can afford. This case may mean compromising on some of the things that you want to ensure you don’t end up paying a bigger deposit.
Okay, so given that information, the ball is in your hands, so to speak. That means the onus is on you to find a property that falls in your price range if you want to pay a smaller deposit.
For example, most states offer a stamp duty grant or exemption for first-time home buyers. The exact amounts vary by state, so make sure you do your research. Furthermore, you can take advantage of several grants that help first-time buyers get on the property ladder.
It’s clear that if you are a first-time home buyer, you may find yourself nervous or uncertain about what to do first or how to go about buying your dream home. And I understand that. But there is a strategy or grant out there that’s best for your situation.
Now, your challenge is that you don’t have the money needed to buy your home or start your own project.You can’t afford the deposit on land or property, which means that knowledge goes to waste.
Matt Jones is a successful investor who manages an extensive portfolio. He says that joint ventures offered him a route into investing and developing when he couldn’t afford a deposit.
A guarantor is somebody—typically a parent—who agrees to co-sign on your mortgage with you. The guarantor puts up an asset to use as security on the loan. And in return, you pay a smaller deposit. In some cases, you can get a 100% loan on the property’s value.
Still, if those aren’t options for you, then you need to understand your limitations as a buyer.