Geez why does this have to be so stressful?
You are not the first and sadly you won't be the last to feel quite stressed and at times, completely and utterly overwhelmed, when it comes to buying your first home.
I get it, I do. There is so much to know. And so much that you don't know. And it feels like this decision will have massive implications on life on the whole, if you get it wrong.
I too have been in your position. I was a late '20 something singleton', tired of renting. I thought surely I'd be better to put my rent into my own place, rather than paying my landlord. I wanted my own place. Desperately.
But what did I know about buying a property? At the time, nothing.
Looking back now, I realize that it all came down to four things that worried me the most.
Money: So picture this. You've finally made the decision. You've decided to buy your first home. But then reality hits. What if you can't afford the repayments and all the other things that come with it? You're not even sure if your deposit is big enough to in the first place. What can you even afford? Your dreams about your 'ideal home' are all well and good, but are you getting your hopes up over something you could never actually achieve?
Market rollercoaster: It's like trying to predict the weather in Melbourne on a day to day basis - totally unpredictable. You're worried about buying at the wrong time, paying too much or watching property values plummet right after you sign on the dotted line. Maybe you're looking in the complete wrong area or looking at the wrong type of property. Plus, who knows if there is yet another interest rate rise on the horizon?
Navigating the mortgage process: Getting approved, deciphering loan terms, gathering paperwork seems like a crash course in being an adult (and nobody has been able to lay their hands on that manual) It feels daunting. What is this thing they call 'lenders mortgage insurance' anyway and should you avoid it at all costs? And didn't someone say to you that there was a way to avoid stamp duty, but how? And what happens if you make the wrong decision and lock yourself into something that isn't right and then you're stuck?
Long Term Commitment: You understand that this is a big decision, one of the biggest you'll even make. But then what if you change jobs, meet the love of your life - or if you already have - decide to have a little person. What then? Could you afford your loan on a different wage or only just one wage? And what if some unexpected costs pop up or your financial situation takes a turn for the worst? Will it all come tumbling down?
Sound familiar?
Well, I've got some sad news. The truth is that some of these worries may never completely go away. After all, this is a big decision. And one that shouldn't be taken lightly. It's totally normal that you feel an element of fear, as you consider taking the plunge and buying your first home.
However, do you want to know the one thing that saved me all those years ago?
A work colleague took me under his wing. He told me I had to speak to his mortgage broker. I didn't even know what a mortgage broker did. But I agreed.
I still remember to this day. This person sat across from me in my little one bedroom flat. And he explained it all to me. Everything. From start to finish. Things I didn't even know I needed to know.
I asked him questions that I'm sure seemed so innocent to him, but I wanted to know. I wanted to understand. And he was so patient. And thorough. I felt a spark of excitement. Maybe I could do this after all.
Fast forward 20 years later, I know in my heart of hearts, that having that one person be 'your person' means more than anything.
To have someone on your side.
To go into bat for you.
To take your call whenever you have a question. Or answer your text or email.
To make you feel like you matter and this is important.
It's the reason I'm now being 'that person' for first home buyers just like me.
I am a mortgage broker. I'm their person.
And I will do everything...everything....within my power to look after them.
