One thing that Aussies love is buying property. Sadly, particularly for younger generations, this “Great Aussie Dream” seems to be out of reach now with affordability being such a challenge.
But we can always try, right?
If you’re hanging onto this dream or trying to ignite the dream within your kids, here are my tips to making it happen:
Save! Save before you spend. Your savings are your future. Spendings are your present – so keep future focused and save whatever you can.
If you have managed to buy a home, pay down the mortgage as much as possible. This will create equity, which is the difference between the value of your home and the debt. You can then talk to us about using that equity to buy an investment property.
If you can’t afford to buy your dream first home yet, buy an investment property – somewhere more affordable that has high rental demand and forecast strong capital growth. Get your foot on the property ladder!
Know what you’re spending. Review your mortgage regularly, pay off bad debt like credit cards and personal loans, know your interest rates, save in a high interest earning account, review your spending, get rid of subscriptions you don’t need, make sure you’re on a good deal for your phone, electricity and insurance.
Manage your money wisely and teach your kids good savings habits. Get together with friends with similar goals and talk about money. See a financial planner. Get proactive with money management.
I love nothing more than helping people achieve their home ownership dreams, so if you want to talk about your challenges or come up with a plan to buy a home, just get in touch.
