I like to share with my readers questions that get asked. I was asked this recently by a journalist, and I figured my readers might want to hear the answer too.
This question is easy- I see clients ALL the time that have bought themselves a shiny new home for their first house, which is great, because of course they get the First Home Buyers Grant to help with the deposit and they got everything they ever wanted. However, then reality sets in. Bills and mortgage repayments are coming out their ears and they can no longer have the lifestyle they are used to. My advice to clients is, rather than buying for a grant, work out how much you can comfortably afford to spend each week, take this figure in to your broker or financial planner and they can tell you how much you can borrow based on those repayments. Remember, its 30 years you sign up for this loan for, make sure its right for you!Share