With first time buyers hitting the property markets in record numbers, and having stimulus money thrown at them like never before, it was timely to discuss “Understanding the First Time Buyer Process” with Sue Langeder on the Real Estate Right Podcast.

Understanding the First Time Buyer Process

Savings and money management 

  1. What are some good strategies when it comes to saving?
  2. How much do you need to save and why?
  3. Why saving quickly (and being frugal) can save and make you a lot more money in the long run.
  4. What percentage of the property value do you need to save and why?
  5. At what stage of the savings journey should first home buyers start looking at viable properties to buy?
  6. Why should you consider an exit strategy agreement if you are purchasing with a partner pre-marriage?
  7. The government schemes that are available to first time buyers.

Mortgage strategy 

  1. Why is your mortgage strategy more important than the interest rate?
  2. How to set up an effective Money Management System.
  3. The mortgage strategies to help you hold your first property long-term.
  4. Why your repayment strategy is more than just interest only V principal & interest.
  5. How you can ensure that your mortgage interacts with your banking.
  6. Why do offset accounts grease the wheels of all your strategies?
  7. How to ensure that you optimise your tax deductions for your long term benefit.

Property planning and buying 

  1. What are your goals for your first property?
  2. Where should first home buyers start when thinking about buying a home?
  3. What is your plan for your first property, will it be a home or an investment?
  4. Should we be aiming for the family home, or a stepping stone home?
  5. Why first-time buyers should have a ten-year plan.
  6. What do you prioritise, the property or the location?
  7. What is going to set you up for a quality asset purchase?
  8. Who will be your best friend throughout the process of buying your first home?

And a whole lot more!

Listen to the full episode here

For more property, mortgage and money education read a couple of David’s articles for Domain ‘Advice’ in The Age and Sydney Morning Herald.

Why short-term investing has long-term consequences

How to turn your first home into an investment property when upgrading