Tips to Kick Start the First Home Buyer Journey

When you’re a first home buyer you will find yourself receiving advice from all directions. To help our first home buyers at Monument start their journey, we have put together the following list of smart tips.

Get the right advice

Everyone always has the best of intentions, but be careful not to be misled. Even online calculators don’t always tell the full story, they are generic, not tailored to your needs and can provide an inaccurate view of borrowing capacity and more importantly, how to manage repayments. Get in touch with your bank or a broker and find out how you are able to get finance, what debt you need to move and how to create a clear path to home ownership.

Stick to a budget

Getting a budget together, and sticking to it is the biggest tip for first home buyers. This not only means keeping an eye on your weekly spending and cutting back on those indulgent purchases, but it also means rationalising debt.  Looking at your credit cards is a good place to start.  Do you know what interest rate you’re paying? Do you have several credit card debts that you can consolidate into one and make a lower repayment?  Did you know that even if you have a credit card that you rarely use, banks take the available balance that you could spend into consideration when working out what they will lend you. Look for the easy wins and don’t be afraid to make changes to make your savings grow and adjust your spending habits.
It may be a marathon, not a sprint

While for some, the steps into first home owner status may be quick, for most it is much more like a planned marathon. Getting your finances in order, saving the deposit, staying on budget, shopping around for the right home – it can take time. So the sooner you take the initial steps the closer you are to your home goals.
Set the plan

Make a plan, and get others to help you stick to it! Once you put it out to your network of family and friends that you have plans to get started in the property market, you will find everyone will help keep you focused along the way. If you’re a first home buyer, many of your friends may also be in the same boat, help each other stick to the budget and make smart spending plans together!

Start shopping

But it’s not all planning and number crunching, don’t forget to get out and about and start shopping for your new home! Once you’ve chosen Monument Plumpton, it’s time to explore the home design options or check out the house and land packages on offer.

Head into the Monument sales office at 1392 Plumpton Road, Plumpton for the latest first home buyer advice. Everything from how to get started with finance, to choosing the right builder, the team can help you get into your new home faster.