According to a new White Paper released by Mortgage Choice & Core Logic, most Australian's believe that only "those with alot of money" can own their own home, even though, according to those surveyed, Home - Ownership remains higher on their priority list than travel, luxury and career success.
When surveyed, an astounding 21.7 per cent choosing owning property as their “dream in life,” “The Evolving Great Australian Dream,” report states.
You, like me, probably constantly see negative headlines about rising house prices, tightening monetary policy, higher interest rates and fees and a stricter credit approval process... So, when the odds are against us, how do we make our "Dream" a reality?
1. Get GOOD at cashflow management:
This means, preparing a budget, and sticking to it.
2.Consider your options
Should you perhaps challenge your ideas around property ownership? Do you really need to start with that two bedroom apartment on Curlewis Street, Bondi, or could you compromise, choose something based on good research, and eventually build up to your dream home?
3. Get GOOD at credit:
Skipping paying your credit card again, for that extra night out? Not the best idea you've had my friend.
Lenders do, and will, notice and record this behaviour, and it might have lasting impacts on your score.
4. Plan with an Advisor:
Chat to your local Mortgage Choice Broker, and consider the advice of a good financial planner. Think of these people like your financial coach, training you on how to achieive your goals.