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Getting a head of the Pack

We don’t mean to alarm you, but you have a bunch of enemies now. You might have seen them already, skulking around the houses you’re thinking of buying. They’re thinking about what colour to paint your walls, planning outdoor furniture for your balcony. Some of them might even be texting real estate agents behind your back, promising to offer more.

We found a whopping 1 in 5 Australians plan to buy a home this year. That means pitting yourself against a whole lot of other buyers including experienced upgraders and even investors.

The good news is three simple strategies can put you ahead of the pack – no professional wrestling moves required.

1. Get smart about building a deposit

Here’s an important tip: don’t aim to save ‘spare’ cash. We found 49% of Australians wait until regular bills have been paid to save whatever is left over. It’s an approach almost certainly doomed to fail.

Treat saving as a priority.

Set up an automatic transfer that allocates a fixed percentage of your pay packet into a dedicated savings account each pay day before you’ve had a chance to spend it on brunch. While you’re there, make sure you’ve got the right account. Sixteen per cent of people use everyday accounts to grow their savings, and that means earning little or no interest and possibly paying higher fees.

The money remaining in your everyday account is yours to spend. As long as you don’t dip into your savings, you’ll grow your deposit relatively painlessly.

2. Know market values when buying your first home

Your enemies’ competitors are doing their research. They know the market can be intense, so they’re entering the arena armed to the hilt with information, statistics and probably pie charts. To make sure you’re paying the right price, you’ve got to think competitively.

Talk to a wide range of agents. In a fluctuating market, they may be more willing to offer insights into sales prices and expectations. Check out lots of homes firsthand, not only to understand list prices but to see what kind of crowd they’re drawing. Go to auctions, even if you’re not intending to buy. Invest in suburb profiles and historical figures so you can see how the market is changing.

Most importantly, think like a winner. The better your equipment, the more likely you are to succeed.

3. Be ready to act fast

When you find the perfect first home to buy, be prepared to act. That means having as much as possible done ahead of time, including pre-approval on your loan.

We can help get all your home loan requirements together so you can turn things around quickly. A competitive offer that’s ready to go can be the difference between a property casual and a real contender.

While it may be stressful to be up against so many other buyers, buying your first home should be exciting, even momentous. Following these tips will set you apart from the other 20%. People will watch you sign your contracts and wonder if the other guys were even at the open inspections. Victory is sweet.

Contact Amanda at Heart Mortgage Services for more ideas on how you can beat the pack to the pick of properties by calling 1300 861 143.

Your Choice Mortgage Brokers Pty Ltd ATF Halo Innovation Trust trading as Heart Mortgage Services - Australian Credit Licence 38643.

The information contained herein is of a general nature only and does not constitute advice. You should not act on any information without considering your personal needs, circumstances and objectives. We recommend you obtain professional financial advice specific to your circumstances. The views expressed here are not ours. While the information contained in this article may contain or be based on information obtained from sources believed to be reliable, it may not have been independently verified. Where information contained in this publication contains material provided directly by third parties it is given in good faith and has been derived from sources believed to be accurate at its issue date. To the maximum extent permitted by law: no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up to date or fit for any purpose; and no party or associated entities as mentioned is in any way liable to you (including for negligence) in respect of any reliance upon such information. This article may also contain links to websites operated by third parties who are not related to us. These links are provided for convenience only and do not represent any endorsement or approval by us.

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