Looking for your first home is a very exciting time, but it can also be a little daunting as you start to think about everything that is involved. That’s why we’re here, to do the hard work for you & save you time & stress. Here is a list of things that you need to consider when looking to get your foot on the property ladder:
Credit Card Debt & Balance Transfers
Australia’s national credit card debt is $32 billion and rising (Reserve Bank of Australia, May 2018).
It’s understandable that people find themselves struggling to pay off their credit card balance when there are so many enticing offers out there encouraging people to have just one more card.
Many people take advantage of credit cards that offer reward points or frequent flyer miles. These types of cards can be considered a useful resource, however it’s important to realise that interest rates could be as high as 17.99% & if you don’t pay off your bill in full each month your interest charges could become expensive.
Fixed vs Variable Home Loan – Pros & Cons
If you are looking to purchase a home or considering refinancing, one decision you’ll need to make is whether to fix your home loan or not.
It’s important to consider both options and align it with your financial goals and needs. Both options have pros & cons and below are some things to think about when deciding.
Fixed Rate
Advantages
- Interest rate rises won’t impact you if they rise above your fixed rate, as you have agreed to remain on the same interest rate for the fixed term. Read more
Having trouble saving for a deposit?
Without a doubt, one of the biggest challenges people face is building a deposit for a home or investment property.
Even 4 years ago, this wasn’t necessarily the case. An example of how things have changed was that 4 years ago there were 252 suburbs across Australia that had a median house value of $1 million. As at June 2016, there are 570 suburbs which have a median house value of $1 million, according to RP Data/CoreLogic figures.