Category: House & Home
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Sub category: Buy

Joshua and Pia: Stage 6 – What would be our biggest piece of advice?

Isn’t it always the case that once you’ve been through something yourself it’s so much easier to give advice? It’s even easier to give that advice on a situation when you feel like the entire process was a success.

When it comes to buying a place, the most important thing that we learned? Be prepared. Know how much you’ll need to save and do your due diligence to find the right place at the right price. And, scratch that, even more importantly, ensure that you find people you trust when it comes to the big stuff.

In our case, being prepared meant being diligent with saving, first and foremost. Pia and I saved for our property for nearly five years with the end goal saving about 25% of the total we were willing to spend on a property (and this is our recommendation for others, too). General advice is always to save a 20% deposit, but you’d find that a huge chunk of that gets eaten up with fees if you’re not careful. That’s how we came to the conclusion that 25% is a safer bet. If you’re able to do that, you won’t be surprised or depleted by all of the extra fees. If it’s your first time buying and dealing with home loans, a lot of these extras can come as a bit of a surprise. Better safe than sorry!

As daunting as the home buying process can seem (and be), with the right support it’s not only feasible, but can even be relatively painless.

Personally, our savings plan included minimising big purchases, like overseas trips. But oftentimes, the small efforts proved to be almost as important as the big ones. Like when we switched from credit cards to debit cards and opened our shared ING savings account . I’m telling you, even this contributed to the bottom line of our savings. Knowing we were saving these little bits here and there, we’d just bump the money straight over into our savings. Plus, we held ourselves accountable to the standard savings methods as well – eating at home, less nights out with friends. Those sorts of things.

Pia and I always believed in spending within our means, and this definitely translated to when we were buying the house. Using ING DIRECT’s tools and our previous experience, we understood what we could afford to borrow, and that kept us honest and realistic. Once you’ve set your expectations properly, you might be surprised at what you can find within your budget. Our place in Zetland ticks so many boxes for what we were after – from proximity to our workplaces, to that elusive community vibe. We’re ready to settle, and we’re so glad that we’ve found a place to do that.

As daunting as the home buying process can seem (and be), with the right support it’s not only feasible, but can even be relatively painless. Knowing we could trust ING to have our best interests at heart, and that we could rely on their expertise to get us through the formal steps of the process, meant we could concentrate on the things that were most important to us – finding, and ultimately enjoying, our new home!

Whether you’re just starting to save or (finally) ready to find the one – we’ve got the planning tools and home loan specialists to help you through the process from beginning to end. Find out more.

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