Buying your first home is a thrilling adventure, but let’s be honest, it can also feel a little intimidating. The question of “Can I afford it?” is a common worry for many first-home buyers. But fear not! There are ways to boost your borrowing power and step confidently into the property market. Here at GT Financial Services, we’re all about empowering you to achieve your dream homeownership goals.
Tip #1: Tame the Debt Dragon!
This might sound obvious, but minimising your debt is a power move for first-home buyers. Those pesky credit card balances, personal loans, and even “buy-now-pay-later” services can significantly impact how much you can borrow. Every dollar you owe each month reduces the amount lenders consider you can comfortably repay on a mortgage.
So, what can you do?
Prioritise paying down high-interest debts like credit cards and personal loans. Even small payments add up quickly!
Consider consolidating your debts into a lower-interest loan.
Resist the urge to use “buy-now-pay-later” services. These might seem convenient, but they can add up and hinder your borrowing power.
Remember: Every bit of debt you eliminate strengthens your financial position and opens the door to a bigger and better loan for your dream home.
Stay tuned for more first-home buyer tips!
This is just the first step on your homeownership journey! In future blog posts, we’ll delve deeper into strategies to boost your savings, explore government assistance programs for first-time buyers, and equip you with the knowledge to navigate the exciting (and sometimes confusing) world of home loans.
Want personalised home loan advice?
At GT Financial Services, Graham Turnbull, our expert mortgage broker, is passionate about helping first-home buyers achieve their dreams.
Contact us today for a free consultation and let’s unlock your borrowing power together! Ready to take the next step?
📞 1300 686 877
✉️ admin@gtfinancialservices.com.au
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