For many people, owning a property is a goal they would love to achieve one day.

The problem is knowing where to start.

How much deposit do you actually need? How much could you borrow? What does a bank look at when assessing you? Should you pay off debts first? How much can you comfortably afford? And who do you even speak to about all of this?

When there are so many questions, it can be easy to put property ownership into the “maybe one day” basket.

But sometimes, the first step is simply getting the right information.

Western Queensland can be a great place to start

One of the wonderful things about our region is that property prices can offer a much lower entry point than many larger Australian markets.

That doesn’t mean everyone will automatically qualify for a loan, and every person’s circumstances are different. But it does mean that property ownership may be more achievable than you initially thought.

Before deciding that buying isn’t possible, it can be worthwhile finding out what your options actually are.

You might be ready now. You might need six months. You might need a year or two.

Whatever the answer is, having a plan gives you something to work towards.

Start with your team

Buying property doesn’t have to be something you figure out alone.

As you move towards purchasing, some of the professionals you may want around you include:

• A mortgage broker or credit adviser – to help you understand lending, borrowing capacity and loan options.
• A conveyancer or solicitor – to guide you through the legal side of purchasing.
• An accountant – particularly where you’re considering an investment property or need advice about your broader financial position.
• A local real estate agent – to help you understand the local property market and what may be available within your budget.

Getting the right people around you early can make the process far less overwhelming.

You don’t necessarily need to be ready to buy before speaking to a broker

This is something we would really like more potential buyers to understand.

You don’t have to wait until you’re ready to make an offer before speaking with a broker.

A good broker or credit adviser can help you understand where you currently stand.

If you aren’t quite ready, they may also be able to help you understand the steps you could take to put yourself in a stronger position when the time comes to approach a lender.

That could mean looking at things such as your income, expenses, existing debts and credit limits, savings history and deposit.

Instead of wondering “Could I ever buy a house?”, you can start asking a much more useful question:

“What do I need to do to put myself in a position to buy?”

How much deposit do you actually need?

This is another area where there can be a lot of confusion.

People sometimes assume they need a 20% deposit before they can even consider purchasing a property.

That isn’t necessarily the case.

Deposit requirements can vary considerably depending on the lender, loan, property, location and your individual circumstances. There may also be government schemes or other pathways available to eligible buyers.

There are also costs associated with purchasing a property that need to be considered in addition to the purchase price.

This is why it is so valuable to speak with a professional rather than relying on a general rule you’ve heard somewhere.

A broker can help you work through your actual circumstances and give you a clearer picture of what you may need.

Put a plan together

Perhaps you’re not ready today.

That’s okay.

Finding that out isn’t a failure – it’s useful information.

If property ownership is your goal, ask what needs to happen between where you are today and where you need to be.

Maybe you need to build your savings.

Maybe you need to reduce a credit card limit or personal debt.

Maybe your financial position is already stronger than you realised.

Or perhaps you simply need some time and a clear savings target.

Having a realistic plan can turn “I’d love to own a property one day” into something much more tangible.

We’d love to introduce you to Amrita

We love connecting people with professionals who can help them understand their options, which is why we’d like to introduce Amrita and the team at My Mortgage Specialist.

Amrita has helped many locals with their property purchases throughout our region.

Importantly, the conversation doesn’t have to start with “I need a home loan right now.”

It can start with:

“I’d like to own a property. Can you help me understand how I can get there?”

Amrita and her team can look at your individual circumstances, help you understand potential lending options and deposit requirements, and work with you on a pathway towards becoming ready to purchase.

Amrita (she/her)

Principal Credit Adviser
My Mortgage Specialist

Mobile: 0405 422 006
Website: mymortgagespecialist.com.au
Email: amrita@mymortgagespecialist.com.au

Your first step doesn’t have to be buying a house

Your first step might simply be having a conversation.

Find out where you stand. Understand what lenders may look for. Learn what deposit you may need. Work out a realistic budget. And, if you’re not ready yet, put together a plan to help you work towards it.

Then, when you know your budget and you’re ready to start looking, come and have a chat with our team at Charleville Real Estate.

We can help you understand what’s available locally and start looking for a property that fits your needs, your budget and your goals.

Property ownership may be closer than you think – and the best place to start is with knowledge.

General information only. Lending criteria, borrowing capacity, deposit requirements and eligibility vary between individuals and lenders. Seek advice appropriate to your circumstances.