10th November 2018 / Beth Oleyar: TIPS TO GET INTO MELBOURNE’S PROPERTY MARKET

How do Melbourne's eager first-home buyers get into the market without moving to Timbuktu? Planning is key!

1) Take Note of Your Spending

First thing's first; make a list of what you're already spending your money on. Every time you spend, write it down—and don't forget those morning coffees and smaller spends as they all add up! Budget until it comes time to sign the papers. Remember that the loan isn't going to disappear for a long time, so you should still be able to afford doing the things you love!

2) Borrow the Least Amount You Can

The more you have saved, the less you have to borrow and the less interest you will have to pay. Although the upfront cost will be 'more', running costs will be easier to manage.

3) Understand the Costs Involved

Conveyancing, owner's corporation, builder's insurance, content insurance, utilities (such as gas, water and electricity) and council rates. You will know up front whether you need to lower your search bracket to accommodate for the costs involved.

4) Research

After you have narrowed down a list of potential suburbs, investigate the type of properties available and the price range. Do they match up with your requirements? If not, try searching a suburb out!