First Home Buyer: 3 tips for being ‘Homebuyer’ ready
Let’s do some planning:
1. Automate Your Savings for a deposit.
Saving for a deposit is cited as one of the biggest barriers to buying your own home in survey after survey. One way to ‘jump start saving’ for your deposit is to automate a regular payment into a new “house account” when your pay comes in. “If you don’t see it you won’t spend it”.
2. Build your credit history and keep it clean.
When you apply for a mortgage, lenders will want to see that you’ve been able to pay off past debts, credit cards, car loans etc. and have paid them on time.
3. Practice living on the budget you’ve allowed for yourself.
Give yourself a few months practice, see what works and save a bit more at the same time.