Posted in First Home Buyers

This is a question the FinancePath team are being asked with increasing frequency. Before I address this question and provide my thoughts, lets understand what is happening in the market. What is happening with the cash rate? Although the official cash rate remained unchanged in November 2021, it appears that the RBA is abandoning its previous assertion that interest rates will be on hold until at least 2024, with a rate increase now predicted for late 2023. This is contingent on inflatio...

Considering buying a property off the plan? Read on to find out what you need to know if you're thinking about buying off the plan in 2021. What does 'buying off the plan' mean? When you buy 'off the plan', it means the property you're buying is not built yet. Typically, you'll only have to pay the deposit upfront, then the balance of the purchase price once the property is completed. Because an off the plan purchase is a new build home, you may qualify for stamp...

If you live in Melbourne or Sydney in 2021, you may be noticing some strange phenomenon in the property market. Suddenly, it has become unusually affordable to rent in the CBD area, and increasingly difficult and more expensive to get a lease further out of town. It's a unique side effect of the COVID-19 pandemic, and it could present a rare opportunity for Australian first home buyers. In 2020, the Domain Rent Report found that from March to September, inner Sydney and Melbourne unit as...

  Pre-approval is a green light from a lender. Put simply, it confirms you're eligible to apply for a home loan up to a certain amount. Essentially, the lender checks your financial circumstances, to decide if you'll meet their criteria and can afford to repay a mortgage. A home loan pre-approval usually lasts for three to six months and gives you a set budget during your property search. Here's why home loan pre-approval is so important. To confirm your borrowing power B...

Thanks to a booming real estate market, housing affordability for city-dwelling Millennials in Australia is a widely recognised economic challenge.  If you've done any research into buying your first home, we can almost guarantee you've received some very bad, or at least, tone-deaf advice.  
 
There's no magic pill to saving for a first home deposit, other than financial discipline and finding the right home for your budget and objectives. This ...