Tips for first home buyers

Our experts discuss tips for first home buyers and talk about financial considerations including how to save for a deposit and the steps you can take to maximize your savings. There is also advice on what to look for when buying your first house and what you can do to minimize any risks associated with being a first home buyer.

The Presenters:

  • Veronica Morgan - Principal of Good Deeds Property Buyers and Co-host of Location Location Location Australia
  • James Treble - Television Presenter and co-founder - Interior Design for Profit
  • Joanna Pretty - General Manager State Custodians Home Loans
    1. Joanna Pretty – General Manager State Custodians Home Loans
      We have a lot of discussions with first homebuyers about the way they can actually get in because the size of deposit they have to save is prohibitive and of course we all hear about how giving up smashed avocado means you can live in a house which is brilliant. I wish it was that simple.

      From our point of view it’s about saving the deposit you can afford, comfortably save, save as much as you can and do logical things like consolidate any expenses you can, make sure you know where your money is going get rid of any superfluous debts, get rid of the credit card and all those things before you even think about undertaking a big purchase like a home.

      Aside from the fact that obviously from a financial point of view it’s a sensible thing to do. It actually is about stress relief really you don’t want to go into a purchase like that without consolidating everything else.

    1. Joanna Pretty – General Manager State Custodians Home Loans
      We have a lot of discussions with first homebuyers about the way they can actually get in because the size of deposit they have to save is prohibitive and of course we all hear about how giving up smashed avocado means you can live in a house which is brilliant. I wish it was that simple.

      From our point of view it’s about saving the deposit you can afford, comfortably save, save as much as you can and do logical things like consolidate any expenses you can, make sure you know where your money is going get rid of any superfluous debts, get rid of the credit card and all those things before you even think about undertaking a big purchase like a home.

      Aside from the fact that obviously from a financial point of view it’s a sensible thing to do. It actually is about stress relief really you don’t want to go into a purchase like that without consolidating everything else.

    2. Veronica Morgan - Principal of Good Deeds Property Buyers and Co-host of Location Location Location Australia
      First home buyers I think struggle a lot because with parents it can be a great help or great hindrance. I think that some parents are helping their kids into their first property. I didn’t get any of that help myself, it certainly would have been wonderful I woulnd’t have said no. But I also see some of these parents bidding for the kids at auction and I see them paying way to much for property. It’s like dad comes out and says right I’m successful and I’m going to look after my little princess and they take it just a bit far too much. So that’s the flip side of this. So, helping on one hand, giving advice based on their own experience isn’t necessarily a good thing. In fact, baby boomers and maybe the top end of gen x probably aren’t giving their kids great advice when it comes to property and that’s what I see at the moment.

    3. James Treble - Television Presenter and co-founder - Interior Design for Profit
      I think that we go back to the important issues of inspections and understanding what you’re buying. So if you look back when I first bought my property we had to do a building inspection to make sure it was structurally sound. And you must do that because you just don’t want to be buying a mistake that you think is great to renovate and then you realise it needs underpinning, it’s got no damp proof courses, there’s big structural issues. You also need to do a report to check if it’s an apartment on your strata and sinking fund.

      I nearly bought an apartment nearby where we lived last that had no money in the sinking fund. There was huge issues it was a newish property. There were big issues with concrete cancer and a render the builder had left, there was no money to pay for this and they were all of a sudden going to put 80,000 levies on every apartment to pay for this that’s a lot of money. You need your asbestos report and your pest inspection. But you can visually walk through a property you know I tell clients walk through, look at the doorway see if there’s any cracks and movement where the doors and windows are. That’s the first thing that’s going to give way in a house, so the very simple things that you can see yourself when you walk through before you even pay for any inspections.

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