Starting to loathe the smell of baked beans? Avoiding fixing that dodgy rattle in the car? Saving for your first home can be a right of passage for most of us – living on a shoestring, all with that end goal in mind of kicking back in your very own home.
Yet if only seeing movies on a Tuesday and making a roast chicken last five days is starting to wear a bit thin, we’ve got some great news – chances are, you’ve already stashed enough away to get home finance.
Take Easystart Homes’ finance solution for first home buyers. These affordable home builders (Perth-based) are making it super easy for first home buyers to fast-track their freedom with just $3000 deposit. Yep, just $3000!
While rocking up with enough deposit is a great start, it’s also beneficial if you can show a history of saving money. Why? Basically, if you can regularly put away money now, it’s a good sign that you have the ability to consistently meet your home finance repayments into the future.
Stick with your job
While obviously you need wages coming in to pay off your low deposit home loan, home finance providers also care about how long you’ve been employed for. They’ll be looking to see if your employment is stable, so try to be in your current job for at least 6 months.
Pay your bills on time
A poor credit history can hang around like a bad smell so try to keep yours incident-free. How? By paying bills on time (this includes rent) and making sure your credit card stays under control.
Got a personal loan lurking in the background? Or racked up some credit card debt? Existing debts aren’t going to work in your favour when it comes to obtaining home finance, so try to have them paid off before applying for your low deposit home loan. If you owe money on multiple credit cards, it’s sometimes worthwhile transferring all of this debt to a new, ‘no interest for X months’ credit card. Then cut that credit card in half and work hard at paying off every cent.
Once you’ve done everything you can, speak to affordable home builders (Perth) Easystart Homes about what they can do for you.
Their in-house home finance team will suss out your situation and offer tailored financial advice so you can secure the most competitive low deposit home loan on the market. They’ll also help you lock down the First Home Buyers Grant plus whatever other grants you’re entitled to.