2019 Resolution To Buying Your First Home
The Brisbane property market appears to be behaving differently to the southern states of NSW and VIC, with perspective growth planned in the next 3 years. This is good news for Brisbane which is likely to perform against the overall predicted trends for the Australian property market.
How the economy, the RBA and lenders will behave considering these trends is debatable, however 2019 could establish an opportunity worth considering for first home buyers.
So what resolutions may you consider for 2019 to help you on your journey to your new home?
- Manage Your Credit Rating and Impress Your Lender!
Have a close look into your credit rating and your spending behaviour. When the time comes to apply for your first home loan, the lender will want to satisfy themselves that you are credit worthy and able to make your repayments every month.
They establish this not by what you say but by what you do! Lenders will ask for your bank statements as far back as 6 to 12 months. Your information is entered into modern sophisticated computer systems that will profile your behaviour and spit out your ability to make payments each month.
Look closely at your spending behaviour and imagine the lender’s representative that will closely analyse this in the future and if your spending behaviour needs to be modified, then act on it quickly.
2. Save, Save and Save towards a 20% deposit
Saving has never been easy, particularly when our daily lives are constantly filled by online messages wanting to sell us products and services!