So you're in love and you're young and you want to buy your first home. First of all you need to decide if you are in the right financial situation before you put your money down. Then you need to figure out if the combined income with your partner will cover the cost of the mortgage.
Buying a house at young age can be incredibly beneficial, but there are a couple more things to keep in mind before you take the home loan plunge and go hunting for a love nest.
How long have you been in a relationship?
We know, love doesn't have a time limit but investing in a home together is a big step in any relationship. You will have to be comfortable enough knowing each other's financial situation. When you seek a home loan, the lender will need to know if both of you can cover not only the deposit but the monthly mortgage as well.
Don't rush into the decision. Take your time and talk to family and friends. Then once you know where you both stand, then you can start applying for a home loan and house hunting.
Try and save the same amount as each other
Your Mortgage suggests that you should try and save 10 per cent of your paycheck each month for your home deposit, preferably with a different bank. Why a different bank? It's because it means the money is harder to access and you hopefully won't tap into it.
Millennials have the most difficulty saving, so you need to put measures in place that will make it harder to spend your savings for your future home. If you are Generation Y then you seem to be able to handle your finances a little better making it easier for them to save and therefore buy a home, according to study by Suncorp Bank.
If you're sitting in the Millennial group then it is a little harder for you to save. However, don't fret. If you're approved for a home loan, then that's when First National Real Estate can find you the right home, in the right area, for the right price.
If you're a young couple buying a home, you need to get your head around a few things first.
Location, location, location
Couples will generally have different jobs, so location is very important. If one person needs to be closer to their work in a certain area, then that needs to be the first thing discussed when deciding on location. The next thing to consider is public transport. When you don't have access to a car or parking for that car, then you can either walk or catch public transport. This is crucial in your property location for share logistics.
The dedicated team at First National Real Estate will help you find the right property for the right price for your young love.