Buying your first home is a dream that has become a hard-to-reach reality. And yet, according to Core Logic Data, in 2021, 76% of consumers will find it harder to enter the property market than the previous year. So, if you are one of the 76% experiencing property buying obstacles, then you are not alone in finding that dream an impossible one to achieve.
So, what are these property buying obstacles?
Help My Wealth (HMW) has identified the average first-time home buyer’s property buying barriers:
Affordability has become one of the biggest challenges for first home buyers. As prices increase, the concept of one day owning your one home seems further and further away.
Finding the right property that is within budget and in a favourable location.
The savings account is not sufficient for a deposit.
Job security and knowing how much one can afford to borrow and repay without stretching yourself too far and creating financial hardship down the road.
Financial literacy is a crucial barrier to people getting their first home, but it is not something schools teach us. Instead, it is expected of us to “know “all about; cash flow, interest rates, variable and non-variable payments, offset accounts etc.
What can an experienced mortgage broker do for me?
When it comes to the home buying process, Experienced mortgage brokers are the most reliable professionals to depend on for help with the loan application and process. As a result, mortgage brokers are involved in 1 in 3 property sales in Australia.
At HMW, we have found that “experienced professionals” are essential to creating the right journey for our clients looking to buy their first homes.
The right mortgage broker is a financial enthusiast who travels the journey with their clients. They will find a way to break through the property buying obstacles by becoming an intermediary between the lenders and customers. Experienced mortgage brokers:
Regularly monitor their client applications;
Help them determine the right borrowers;
Assess the maximum capacity of consumers;
Secure a loan pre-approval and;
Find the most suitable loans that match all your needs.
How can Help My Wealth help me?
Help My Wealth’s self-guided cash flow, financial literacy, and learning programs will assist you in taking the next step in your financial journey. And in a quicker and safer way than you could do on your own. Not to mention the range of tools and strategies on offer to help as well. They are not limited to first home buyers but also aspirational investors looking to for some help purchasing their next investment property.
Help My Wealth aims to educate our clients and guide them by understanding their stress points and misconceptions about finances and the property market.
We dedicate ourselves to walking you through the property buying journey and making it a success. As a result, we understand our client’s insecurities
when approaching a property and such property buying obstacles.
We know that learning to budget can be challenging.
At Help My Wealth, we know it is easy to say, “budget and save,” but it is also challenging when money is tight or unexpected expenses arise.
Current trends indicate that the most successful budgeting methods use proactive systems that employ essential artificial intelligence. These systems ‘learn’ your spending habits, turning hours analysing figures into minutes.
At Help My Wealth, we are all about helping people create realistic budgets and enabling our people to reach their savings goals quickly. We can show you the latest generation of the Smart budgeting program and how they will work for you to overcome your property buying obstacles. Reach out to HMW now and start your journey.
Want to know more about this topic or how to get started? Then contact us here
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