Lenders scrutinise various factors when you apply for your first home loan. 🤔⁣

However, one aspect they particularly emphasise is ‘genuine savings’. 💰⁣

What Are Genuine Savings?

Genuine savings refer to the funds you have consistently set aside over time—typically for a minimum of 3 months, with extra credit for longer periods! 😅⁣ Regular saving demonstrates your capability to manage a home loan, showcasing your financial discipline and reliability. 💪⁣

Steps to Prepare:

1. Create a Budget: Start by understanding your income and expenses. This will help you determine how much you can realistically save each month.
2. Calculate Potential Savings: Assess your current financial situation and set a target for how much you want to save. Make sure your savings plan is achievable and sustainable.
3. Kickstart Your Savings Journey: Open a dedicated savings account and start transferring a set amount regularly. The longer you save, the better it looks to lenders.
4. Talk to Your Mortgage Broker: Understanding the full costs associated with buying a home is crucial. A mortgage broker can provide valuable insights into what lenders are looking for and how you can improve your loan application.
5. Make Sure You Have a Team Around You: Assemble a team of professionals, including a buyer’s agent, mortgage broker, building and pest inspector, and solicitor. This team can provide the necessary expertise and support throughout the home buying process, ensuring you make informed decisions and avoid potential pitfalls.

Why Start Now?

The sooner you start saving, the stronger your application will be. Regular savings not only improve your chances of securing a home loan but also help you build a solid financial foundation for your future.

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Planning to buy your first home can be an exciting yet challenging journey. Our team is here to guide you through every step, providing expert advice and support. Don’t wait—start preparing today and turn your dream of homeownership into reality! Stay tuned for more updates and insights into the Greater Brisbane property market, and let us assist you in achieving your property goals.