Over the years I have spoken to and helped a lot of people to get finance for their first home. Many of those people believed that home ownership was out of reach for them.
Essentially, they had been given the wrong advice.
But my biggest concerns are the number of people that have given up on their dream of home ownership and those who have delayed buying their families a home because they thought they could not get the finance.
Those people may have asked for advice from the wrong people … from people with good intentions but limited knowledge or out of date knowledge.
A lot of people rely on family and friends for advice which is great for some things, but not so great when we look at detailed financial advice like buying a first home. It’s hard enough for people within the finance industry to keep up with the changes in lenders policy, changes in Government assistance and new initiatives for first home buyers.
Others will speak to someone at the bank, and while they may know a bit about buying a first home the detail that they will share will typically only relate to what that one bank can offer. If your situation does not fit within that banks box then it is assumed that cannot get the finance; however that assumption is not true.
I’m all for finding ways to help people but also not wasting time and recreating the wheel.
So I looked at where all the information might be available as a resource for first home buyers, and that’s when I realised that a good resource does not exist.
That’s why I created this course.
The course is named Pathway to Home Ownership and is designed to provide all the information a first home buyer needs, in language without jargon and all in one place.
The Hurdles To Overcome
What is stopping you buying a new home now?
Buying a first home has never been easy and there are often hurdles to overcome.
Now I know people may say that you need to save up and get a bigger deposit, that you need to pay off your debt first, that your income is too low or maybe there is a past credit issue that stops you … these seem like valid reasons not to buy a home now but do they really mean that you cannot but your first home?
If you want to buy a home, then you need to know the rules that the lenders work with.
Having a bigger deposit is everyone’s preference, but do you want to still be savings while you watch house prices continue to increase. Maybe you are better to work with what you have now.
Again, paying off any debt you have seems like a good idea, but you need to have a look at how long that may take. Are you willing to wait that long, is there a better way to structure that debt or should you check if you can buy a house now anyway?
When the lenders look at any loan application, they need to be sure that they are being responsible and lending to someone that can pay the loan. Of course, as someone buying a house then you will also want to be sure that you can afford the repayments too. This is why income is so important, but you also need to understand how the lenders assess income as it is often quite different to how you might calculate it.
The key to overcoming the hurdles is knowledge.
Knowing what the lenders are looking at and why.
This course has been designed to provide all the information that you need so you have a pathway to home ownership.