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When should you buy a property?

Oktay Sengoz

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25/10/2022

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1 min read

When people ask me when they should buy property, my answer is always the same…when you’re ready. This is something I have lived by for the past 22 years.

That being said, the sooner you can get into the market, the sooner you will take advantage of potential property growth. As we know saving for a property is always challenging, buying a property means you get off the trap of constantly saving for an ever moving target. As property prices grow on average of 7% per year, based on a medium house price of $1.1m, you will need to save an additional $7,700 every year you wait.

So, how do you get ready to buy property?

Have a consistent job and income

Being able to obtain a loan and repay your loan rely solely rely on the fact you earn a regular income. You should work out the proposed repayments on the loan you intend to borrow and put this amount aside each month for a few months to see how it feels to have a mortgage. We call this ‘act as if’. Try before you buy.

Save a deposit

These days you can buy your first property without a deposit, but that doesn’t mean you shouldn’t save a deposit. Saving a deposit demonstrates your ability to the bank and yourself that you can commit to putting savings aside. Putting the proposed repayments aside enough times may get you your deposit.

It's always best to understand your current financial position and the financial position you need to be in to buy the property you desire. This allows you to bridge the gap and come up with a plan. Once you know the gap, you may be surprised to find out that you're closer than you think to achieving your goal of buying your first property.

Talk to us today to work out a plan to buy your first property.

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