How to Effectively Prepare your Finances in Anticipation of a Property Purchase.

Effectively organising your finances prior to purchasing a property is important to make sure you are prepared for any circumstance possible.

Create a Financial Plan

Setting clear financial plans will help you figure out your budget, saving goals, monthly expenses and other possible expenses. Determine how much you can comfortably spend without jeopardising other financial goals early in preparation for when you purchase a property.

Manage Your Debt

To maximise your borrowing power, minimise your debt. The less debt you have, the more you can potentially borrow from a lender. Types of debt to minimise include high interest debt such as high interest credit card debt and pay day loans. Consider paying off these high interest debts first before purchasing a home.

Budget

Create a budget for yourself in regards to your income. Set up recurring payments to be transferred into a high yield savings account for your property purchase to maximise your savings prior to purchasing property.

Consult with Experts

Consult with a variety of professionals such as financial advisors, mortgage brokers, lenders and real estate agents to ensure you have a better understanding of property investment. It is important to compare and consider the best professionals suited to your needs and wants. The best advise you can receive are those who study it for a living!

Get Pre-Approved for a Mortgage

Take the time to find the best lender suited to your financial goals and get pre-approval for a mortgage. Pre-Approved Mortgages will provide you with a better understanding of your borrowing power and strengthen your confidence when applying to purchase a home.