New Year Property Resolutions
It’s about time we farewell the turbulent 2020 and welcome in a fresh new year. New opportunities and brighter days are on the horizon for Aussies as we learn to live in a country post-pandemic. If 2020 taught us anything, it’s how much we value the importance of feeling safe, healthy, secure, and close to our loved ones. If those values translate to your dream of owning your own home in 2021, propel yourself into the new year with our top New Year Property Resolutions that will help you get there.
1. Manage your Finances
If 2021 is the year you plan to pull the trigger on your first home purchase, it’s important to take the plunge from a foundation of effective finance management. Get your accounts in order, develop a budget (more on that below!), and speak to your partner/parents/children about your plans. If you’re unsure about how to manage your finances in the lead up to paying your home deposit, seek professional support for the best advice to put you forward.
2. Create a Budget
At the start of the year, take the time to develop a budget that you’ll know you’ll be able to stick to. Think practically and realistically when creating spending amounts for leisure, necessities, bills, and so on. Again, your accountant or financial advisor will be able to give you personalised advice on how best to budget your incomings and outgoings.
3. Buy Smart
Renting before you buy? Consider the things that you’re spending money on. Only invest in furniture and home goods that you know will be useful in your new home. Don’t tailor any big items to your rental, such as fridges, washers and other expensive whitegoods. Buy with the intention of how things will fit into your new, long-term home. The same goes for any house-related goods – big or small. Buy smart and buy only what you need.
4. Make sure you Credit Rating is Outstanding
Put yourself in the bank’s shoes. If someone with your savings, credit, spending and earning history asked for a loan, would you give it to them? Lenders typically want to review your 3–6-month statement history when assessing your eligibility. Make it a priority to keep on top of your bills and payments faultlessly for that amount of time if you haven’t already.
5. Give First Home Hero a Holler!
If you’re ready to take the step towards paying a home deposit, get in touch with us at First Home Hero for unparalleled support. We can help you access up to $55K for your initial deposit, which (alongside your extra savings from the resolutions above!) will launch you into homeownership. Fill in our quick form to get started.