Income vs Savings: What's More Important?
Let’s face it… Home ownership has become a challenge in the past few years.
What should first home owners prioritise – the deposit, or paying off the mortgage? Is it enough to have a huge amount of money in the bank? Should you take a second or third job?
Today, we talk about the importance of balancing your income and savings as we dissect an article on how much you need to afford First Home Guarantee – we’re covering the risks of having a low deposit, why you need a buffer, losing money in a rising market, and more!
If you enjoy the show, do like, rate, subscribe, and share it with others! We have loads of resources available and if you’d like to chat, email us at support@homebuyeracademy.com.au!
We’ll see you on the inside!
Episode Highlights:
- How your deposit affects your home loan [03:44]
- Should you save more, or earn more? [08:13]
- Is it possible to lose money in a rising market? [12:20]
- The salary you need to afford First Home Guarantee [15:26]
- What first home buyers need to focus on [19:23]
- Can you rely on savings or inheritance alone? [22:34]
Links from the show:
If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!
See omnystudio.com/listener for privacy information.