The 3 Most Googled Questions by First Home Buyers

Buying your first home can feel like being dropped in the middle of the jungle, no map, no guide, just a million questions and conflicting answers. Unfortunately, mass media and “the system” have failed in teaching us the things we should know and have access to, which why the First Home Club exists. 

So we looked at what first home buyers actually Google when buying their first home, and are giving it to you raw. Let’s go!

Question 1 : “How much deposit do I need to buy a house?”

Answer: Most people think you need 20%, but that’s not true. Here are some of the options:

• Guarantor loans (Bank of mum and dad or Government) 

• Low-deposit loans (5% or less)

• Using LMI (Lender Mortgage Insurance) 

• First Home Loan Deposit Scheme (FHLDS)
  you could be in the market sooner than you think, sometimes with as little as $10-20k saved (depending on the property price and location).

This has always been a major issue in my eyes as it confuses people and could stop them ever owning a property. If properties around you are worth $600k (which is on the lowered these days) a 20% deposit is $120k. $120K!!! 

That will turn a lot of people off and shouldn’t because there are options out there, but its a confusing world and  main stream media would rather tell you the affordability horror story rather than how you can actually get into the market. 

Question 2: “Is it better to buy or keep renting?”

Answer: Short answer: It depends on your lifestyle, location, and goals.

Long answer: It really does come down to what you want to do in life. If you want to keep things pretty simple, work a job, have a family etc. and can’t see yourself moving around too much then, yes buying a property over the long term could benefit you. Obviously you need to look at costs to hold it, but homeownership is one of the key things that has created wealth in Australia, and will lead to a smoother retirement. 

If you are still not sure what you want (totally cool), want to travel, live with a bit more freedom, home ownership would still be something I’d consider but in the form of an investment property. Reinvesting is a real thing and can set you up while you figure things out. 

Question 3: “Do I talk to the bank or look at houses first?”

Answer: We hear this one a lot, and it’s a classic chicken-and-egg situation.

But the answer is: Mixed. I actually wrote an article on this HERE 

The Wrap Up 

Got more questions? That’s why we built First Home Club, because you shouldn’t have to do this alone. We are getting close to launching the community and can’t wait to show you what’s inside. 

Join the waitlist HERE

If you got value from this, it would mean the world if you could share it with anyone who might benefit from reading it. 

See you next week,

James Rankin
Club Captain
First Home Club