28 May 2022

What should a first time home buyer’s budget be?

home buyer's budget

There is no one perfect way to answer this question. The thing about being a first time home buyer is that your budget and stage in life are very different from the next home buyer! Instead of following a strict budget, you should make your own based on your needs!

It is good to first start by looking at your expenses. How much money do you have left after paying for rent or a current loan? Do you have savings? Are you looking to save for a deposit? How much money would you like to put down for a mortgage loan deposit? Why do you want to buy your first home?

After you have your questions and you start tracking your spending, you should have an idea of how much your monthly housing expenses are. If you are still unsure how much your monthly payment would be, use a free online calculator! Mortgage House offers many free online resources for first time home buyers. There are even countless programs that help first time home buyers in Australia with their initial deposit.

First Time Home Buyer Budget Conclusion

The thing about being a first time home buyer is that there are so many questions! It is tempting to dive in and make a budget based on another person’s, but not everyone has the same budget or lifestyle! First, conquer your debts, then look into mortgage home loan options with our Mortgage House loan experts.

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