Finance advice

Should you save up for your first property deposit?

By Bianca Dabu

Investors are often torn between entering the market sooner and taking the time to save up for a deposit. Which of the two will actually help you realise your investment goals faster?

According to investor Brad Beer, saving too much for his first deposit to avoid paying mortgage insurance is one of his biggest regrets.

At 20 years old, he was understandably too careful about handling his finances because, at that time, he didn’t necessarily have much to go by with.

Looking back, he would have made a lot more money had he educated himself enough to be confident about taking bolder steps.

He said: “At the time I bought, the market was moving quickly and if I had to bought sooner, 12 months earlier, I would have made a lot more money.”

“If I knew a bit more about finance and wasn't scared of the things associated with finance, like mortgage insurance, then I would have made some more money at that early stage and leapfrogged quicker,” the investor added.

Aside from being able to find the best locations and pick the right properties, he realised that being able to manage finances well is another of the true secrets to property investment success.

Fast forward to the present, Mr Beer considers risk management as one of the most important skills he had honed through the years.

According to him, while debt may be a daunting thing to carry around, you can learn to use them to your advantage: instead of wasting precious time and effort on running away from debt, you could be growing your portfolio.

He highlighted: “Property is the vessel that makes the money, but the money in finance is how you get there. Controlling of the risk associated with that and then being able to sleep with those risks is important.”

“Some people can't sleep with debt very well, but I'm fine. However, I wasn't when I was 20 years old. I saved money to buy my first car and my second car, and probably my third car.

“Then, you realise that you've just got to actually learn how to use these things properly as opposed to run away from them. Would be something I'd grab myself on the scruff of the neck of,” Mr Beer shared further.

Buying now versus waiting and saving

Typically, budding investors are asked to save 20 per cent of the purchase price as deposit, which amounts to a lot of money in most cases. On top of the deposit, you also have to consider other associated costs, including stamp duty, conveyancing costs, professional fees and building and pest inspection fees among others.

Waiting and saving will help you avoid additional expenses, including the Lender’s Mortgage Insurance (LMI) while keeping your loan-to-value (LVR) ratio low—increasing your chances to secure a home loan of your choice.

According to a QBE Lenders’ Mortgage Insurance survey, the average time it takes for a buyer to save up for a first purchase deposit is around four years. 

In 2017, 49 per cent of buyers chose instead to shoulder mortgage insurance costs to get into the property market faster instead of saving for a bigger deposit.

This strategy may prove to be beneficial if you successfully enter a growing market that can provide a good balance of cash flow and capital growth.

Take this situation for example: It’s the middle of 2000s. Person A plans to save $750,000 in cash within 15 years, buy a home in Sydney using the cash and be set for early retirement. Person B, on the other hand, chooses to utilise the savings as deposits for $1 million-properties.

In five years, around 2009 to 2012, Person A would have saved up around $250,000—a long way to go based on the $750,000 target—while Person B will have leveraged the same amount on two or more assets in Sydney. Back then, the Sydney property market was flat and poised for growth and with strong fundamentals including good job growth, high population growth and undersupply.

Provided that Person B was able to pick the right properties and balance cash flow and capital growth on the portfolio, the asset base created would have $2 million market value and a pre-tax gain of almost $1 million after a decade. Considering the upward movement of the Sydney market for several years, the assets bought in the capital city would have also remained cash flow-positive.

Had Person A followed the same strategy, the dream of owning a personal home would have been realised sooner given the amazing growth that the Sydney market saw in the past 15 years. It may also be possible to enjoy a significant passive income within 10 years.

If, for some reason, Person A decides to invest now instead of saving up, it would take longer to achieve the same success that Person B had since Sydney is widely considered as past its prime, with little potential for the same double-digit gains that investors experienced years ago.

Lesson learned

At the end of the day, deciding whether to buy now or wait and save comes down to financial literacy, opportunity cost and long-term growth.

There are different opportunities at different times in different Australian markets, which is why it’s important to know when to take action and when to stand by.

Mr Beer strongly encouraged his fellow investors to keep their eyes open on market behaviour, continuously educate themselves and seek backing from the right professionals in order to make the best decisions.

He said: “90 per cent of winning is beginning, so you've got to give it a crack, but you have to do the proper research and learn. Don’t have a crack without covering your risks and understanding.”

“At the same time, don't be afraid to jump in and keep having a crack on the way through,” the investor concluded.

 

Tune in to Brad Beer's episode on The Smart Property Investment Show to know more about how he manages his finances to continue growing his portfolio.

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FROM THE WEB

podcast

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Luke’s first property investment included what he now looks back on as “learning experiences”.  He chose it only because it was close to where he lived, he bought it at the peak of the market and he elected to manage his (unreliable, damage-prone) tenants alone. Now, 16 years on Luke has 30 properties and a much better idea about how to approach the investment game.

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In this episode of the Smart Property Investment Show Luke joins host Tim Neary to unpack how he went about educating himself, how his investment style has changed over time and why patience is the name of the game.

Luke will also share how his initial mistakes discouraged him and had him doubting the wisdom of being an investor, and how his realisation of the importance of active management bought him back into line.  He will discuss the importance of having a strong support team and why it’s smart to put a proper value on your personal time.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

How to profit from changing market conditions
Quit the 9 to 5: Taking control of your income and your career
4 tips for first time property investors

AREAS MENTIONED: 

Sydney
Brisbane
Adelaide
Wollongong
Geelong
Melton South
Cairns
Perth

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An unsure start in property investment leads to a 30-property portfolio
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  ["title"]=>
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Promoted by Blue Ink Finance.

Budgeting tips when your Personal Debt is High.

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Credit card debts and personal loans are the greatest obstacle between everyday people and their potential to live in financial freedom.

Of course, I understand that sometimes getting a small personal loan is absolutely necessary. Unexpected costs like medical expenses can make personal loans the only option.

However, the majority of us have debt simply because we spend more than we earn.

In either case, your number one priority is unlocking those chains of debt that are holding you back.

I’m going to give you some tips for budgeting with hefty personal debt, but first I want to talk about the impact those loans are having on your life.

How much is your debt really costing you?

Over the years that you’re paying off your loans at the minimum repayment, the interest on those items will end up costing you multiple times more than the original borrowed amount - and those endless due dates will haunt you. There’s no freedom in that!

Let me give you an example. You’ll be shocked, I guarantee it!

Let’s say you have around $4,000 of credit card debt, charged at 19.99% p.a. If you paid only the minimum monthly amount, it would take 37 years to pay off the total debt.

How much will that $4,000 debt cost you? $19,200. Depressing, isn’t it?

You might feel like you need a full-blown money explosion to get out of debt, but don’t despair just yet.

What you need to do is arm yourself with a strategic budget, and I’ve got some tips to help you.

Budgeting while you have hefty personal debt is tough, but possible – and it’s essential for eliminating that debt forever. Let’s have a quick look at how you can start to tackle that mountain of borrowed money.

It’s time to take charge and break some chains!

There’s a method for reducing debt that has an excellent success rate, if you’re committed:

  1. Make a realistic budget (and stick to it)
  2. Reduce your expenses and/or increase your income until you are in the black
  3. Save an emergency fund first
  4. Pay off your personal loans and credit cards, starting with the either the smallest debt first or the debt with the highest interest rate
  5. Revise your budget as you go along.

Why an emergency fund is paramount to success

You’ll see I’ve put saving an emergency fund before paying off your loans. Even a small amount initially, like $500, is enough to stop the cycle of borrowing to pay bills, then paying out even more in interest each month, which leaves less in the bank to pay the next bill.

Once you have a buffer saved, then you can start aiming some serious firepower on your debt, and that’s when it gets exciting!

Think back to my credit card example. If you upped the payments each month from $84 per month to $212, you would have the card paid off in two years and save $14,285 in interest. That’s worth a little bit of effort, wouldn’t you agree?

Tips for a budget that works

You may need to cut back drastically on your expenses to clear your debt, but here’s some other ways to make the most of your budget:

  • Find micro-ways to reduce your expenses every day. Make work lunches at home, cancel a pay TV subscription, find a better phone deal, or pass on your afternoon chocolate bar from the vending machine. Instead of spending $40 on a takeaway dinner, have a bowl of cereal!

  • Find a friend who will keep you accountable. Having someone else who shuns a pricey outing to the day spa for a walk along the beach instead will make you feel better about saying ‘no’ to expensive events that will blow the budget.

  • Refinance your home loan to release some funds. If you have a mortgage, talk to us at Blue Ink Finance about the possibility of refinancing your home loan to allow you to release some equity to help clear your high interest, personal debt. It’s not always the best strategy, but it’s worth investigating, especially if you can consolidate it into a home loan that has a significantly lower interest rate.

  • If your income increases, leverage it! The only place that extra money should go is into paying off more debt. Enough said!

  • Refine and polish your budget as your circumstances change. Your budget shouldn’t stay the same. As you find more ways to decrease your expenditure and become adept at sticking to your financial plan, fine-tune your budget to reflect your savvy saving. Any spare change goes directly onto your debt.

  • Automate payments of bills, so you don’t spend the money first. This saves you from late fees if you forget, too.

The reality is that you won’t have a profitable budget until you get rid of that high-interest debt. The beauty of a budget is that it can get you there! Knock the debt, stay away from borrowing except for assets like property, and you’ll have a well-oiled financial plan that kicks goals instead of paying lenders!

At Blue Ink Finance, we have a team of expert brokers as well as a panel of industry experts that understand all the nuances of positioning your personal finances to kick real goals with Property Assets and can support you in achieving your goals.

Give the team at Blue Ink Finance a call on 1300 888 796 or click here to request your Complimentary Finance Review with one of our experienced Finance Coaches now.

And see how having a panel of industry experts on your side, can fast track your property goals.

About The Author

David Wegener
Chief Executive Officer
Blue Ink Finance

Who I am, and why I want to help you succeed.

As an award-winning Mortgage Broker with nearly 20 years’ experience in the finance industry, I’ve seen it all.

I’ve gone through constant industry changes and yet I still successfully help my customers borrow the money they need to get ahead.

As a Finance Coach, my goal is to help you understand your financial potential so that you can borrow with confidence.

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Leveraging your Blue Ink Finance Broker for more than just a loan.
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With the softening market impacting property values in many parts of Australia, Sally Dale, Opteon state director for NSW, ACT and Qld joins us to discuss the importance of valuations in the current property market

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Joining host Phil Tarrant, Sally will draw on her 25 years of experience in valuation and discuss the processes involved in arriving at a value for a particular property. She will also share how that process differs between commercial and residential properties and the difficulties which regional property valuations can present.

Sally will unpack the importance and cost of regular valuations on your properties, discuss whether presentation and owner input can sway a valuation and share what you should look for when seeking a reputable property valuer.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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AREAS MENTIONED: 

Sydney
Brisbane
Adelaide

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Can property presentation result in a higher valuation?

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