Are you in your early 20’s and are looking to enter the property market with a small deposit?
Well here is a tip – give me a call. I have quite a few clients in that age group or clients who have children in that age gap who are keen to enter the market with a small deposit.
We take a look at what they are doing from a study perspective if they are still in Uni or TAFE and if they are still studying have they started employment? What sort of employment and then from there what their borrowing capacity is.
We make sure there are no outstanding phone bills, if they are leasing already we ensure that all utilities are up to date & look at things like hex debt & even services like AfterPay.
Once we have gone through all those sort of details we have a better understanding of their current position, we then look at they are going to be doing for the next 12 to 24 months.
We look at the areas they want to live in and what’s currently available, whether it be an apartment a townhouse or house and land.
Some of you are probably thinking, gosh Christine! I can’t afford house and land if I’ve just left uni & started working! This is why we look at the next 24 months – what your employment will look like, how much you can save & what kind of deposit you would need.
Once we know all of this we can look at what’s called ‘off the plan’ – this is a strategy that I have put my own children through & many of my clients who have adult children too and it really works.
What we are doing is looking at their savings today & what they can save over the next 12 to 24 months and then we look for land that’s not going to register for the same amount of time essentially putting them on sort of a savings plan.
They get their deposit down and secure the land and they use that savings plans over time increase their deposit amount.
Of course there are some risks, what if they lose their job? Or they can’t go ahead and secure the loan? We have that conversation and get very specific about these potential risks from the get go so you make the right choices about getting into the Australian housing market safely.
If you want to have a complimentary chat book a time with me today on 1300 736 754 – this can be one on one, with your parents present, siblings or even friends.
Looking forward to chatting with you – Christine.