Housing affordability is a topical issue at the moment with both sides of government debating the issue regularly prior to this year’s election. First home buyers may need to think more creatively when looking at buying their first property.

First of all, good honest saving is a great starting point to buying your first home. Perhaps you don’t need the latest LCD i and instead the money you would have spent on a new television can go towards a deposit for a property?

Also make sure you investigate the grants and concessions that are available through the Australian Federal and State Governments. For example, if you are a First Home Buyer, you may qualify for a $7,000 grant.

If you don’t think you can afford your own home, start thinking laterally:

For example, consider buying a property in partnership with a friend or a sibling.

Maybe buy a property on your own and reduce your monthly commitment by renting out a room or two.

Tapping into the equity of your parent’s property might also be an option. However, you need to be aware of issues with cross-collateralising the properties.

But your first step is to speak to a mortgage broker and the real estate agent about the options that are available to you.

And, of course, start putting away some money each week.

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