We’re both first home buyers: Here’s what we learned

Both of us (Ren and Bryce) have made the biggest purchase of our lives in the last few weeks - our first home. We jumped on the mic today and went through our biggest learnings from the process. Listen to the episode in full to hear our thoughts, but here’s a quick recap 👇

1. Have patience
   People say it’ll take a long time, but it really, really will. Having patience to make the right decision will give you a deeper understanding of market trends and dynamics. Taking your time over a longer period can provide valuable insights, helping to make a more informed and you’ll be more confident in your decision when the right opportunity arises.

2. Get a great advisor
   Ren used a buyer’s advocate in the end, after initially being quite skeptical… and Bryce says he’d do the same if he had his time again. They not only provide access to off-market deals and negotiate better prices but also offer expert insights into the local real estate landscape. The relationship between a buyer's agent and real estate agents can shift the balance of power in the buyer's favour as well, making their service a valuable investment.

3. Loan structure can change your borrowing
   Bryce talked about how great advice can also help when it comes to the financial sides of things as well. He went through different ways to structure his loan with his wife, and sought advice not just about the amount borrowed but also how it aligned with their financial goals and circumstances.

4. Factor in Interest Rates!!

   Interest rates are a critical factor in property purchasing decisions, as future increases significantly affect your repayment amounts and overall affordability of the loan. Banks won’t often stress test scenarios that could arise, so it’s important to be mindful of interest rate fluctuations and their potential impact on your financial commitments.

5. Engage Your Mortgage Broker Early

   Ren started early with a mortgage broker, and was so glad he did, as there were little issues that had come up and needed to be resolved. It just further underscored the need to be patient, but by engaging one earlier than they thought they needed, it meant they were ready to move quickly when the right property was found.

6. Have More Cash Than You Think

   You’ll be so focussed on saving the deposit, you can sometimes forget the additional fees and costs that come into play: like stamp duty, legal fees, buyer's agent fees, and settlement costs. These can substantially affect your budget. Be realistic and do the research, so you’re not surprised!

7. You Get What You Pay For

   Investing in a skilled buyer's agent or legal advisor can be financially beneficial in the long run. Their expertise often pays for itself through better deals, smoother transactions, and potentially lower prices, as Ren discovered.

8. Comparison is the Thief of Joy
   Every real estate journey is unique and personal. Comparing your progress, will only have one guaranteed outcome - unnecessary stress and dissatisfaction. Keep your eyes on your own goals, financial situation, and the unique circumstances of your own life.

We know property is a goal for so many in our Equity Mates community. Have a listen to the full episode now, and share with us at [email protected] what your biggest learning has been from buying a property!

Help or hinder: Is lending $$ to family ever a good idea?

Last week, we asked you a juicy, juicy question: “Has the decision to accept financial help from family impacted your relationship with them?” As the end of the year is fast approaching, many of us will be spending time with our close or extended family, and these thoughts might be top of mind.

Here’s a selection of what the Equity Mates community said:

You’ve given us a look at the full spectrum of things that can happen when families offer financial assistance. It can be a double-edged sword. Some of you told us of how it can foster open communication and support, but equally how it leads to feelings of inequality, resentment, and strain on personal relationships in others. Our thoughts? Tread carefully, make a plan together, and be clear and transparent in your communication.

This is the season when money and family are top of mind. It’s an expensive time of year. Next week, we’ll be recording our final $100 challenge for the year, so we want to know your money-saving Christmas tips. Do you hand-make presents? Give vouchers? Or do you budget carefully in anticipation?