Buying your first home

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What’s the first hurdle when buying your first home?

For most, it’s working out how big a deposit you’ll need and then saving that home deposit.
  • Work out what you can afford to borrow and still live comfortably
  • Get advice from a financial planner, friend or family member who has bought property before. Arm yourself with as much advice as possible
  • Don’t over commit when buying your first home. Most people will qualify for loans far above what they can afford to pay back. Don’t fall into this trap. You’ll need adequate reserves to cover more than just mortgage repayments
  • Start looking around once you have around 5% of the purchase price and keep saving
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