Understanding potential home buyer’s financial decisions is critical in helping them get onto the property ladder, says one expert.
According to mortgage broker Craig Pope, of Pope & Co Mortgages, the slowdown in the housing market does not dramatically change the game for first-time home buyers.
He noted that no matter the financial personality, a home buyer would still need to save a deposit and be able to meet mortgage repayments.
Here are some questions first-home buyers should ask themselves, as outlined by Pope, that could be the missing piece of the puzzle when it comes to saving a deposit:
- Do you like to spend money on your friends and family?
- Or do you prefer to spend it on experiences?
- Perhaps you prefer to save it in the bank?
“First home ownership is still achievable in Wellington – no matter how you spend or save money, first-home buyers can get on the ladder if you harness your financial smarts,” Pope stated.