Ready Set Own

By Richard Boalch

The Australian Property Market has become tough for younger Australians to break into. Ready Set Own sets out how young Australians can purchase a property. It is also a useful refresher for buyers who have not been active in property for a while and for relatives who want to help their children or grandchildren financially.

Chapter 1 Ready explains the nuts and bolts of the Australian property market. It contains tips on saving a deposit for a home, the importance of budgeting, government grants and concessions available for first homebuyers, the bank of mum and dad and common issues that can arise when family members try to help financially.

Chapter 2 Set looks at property selection and important considerations that may influence a buyers decision. Set outlines some of the research tools available to property purchasers. It also discusses "rent-vesting" as an alternative to occupying your property.

Chapter 3 Own explains the bidding, sales and settlement process.

The book is wrapped up by a realistic case study explaining how a young couple can save and position themselves to buy their first property and thus live the great Australian dream.

• Language: English
• Publisher: Richard Boalch
• Release date: Dec 16, 2017
• ISBN: 9781370629626

Richard Boalch

Hi There, Since 1989 I have worked in Banking and Finance in various roles including General Banking, Corporate Treasury, Financial Markets dealing, Financial Planning & Mortgage Broking. Currently I have my own mortgage broking business. My career has taken me into the homes of the very rich and the very poor and all points in between. My goal as a writer is to share my knowledge in the hope that my readers are able to benefit. My current project Ready Set Own is aimed at helping younger Australians into property. Future projects I am considering are about Fin tech investments and Retirement.

Book preview

Ready Set Own

By Richard Boalch

Copyright 2017 Richard Boalch

Smashwords Edition

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Contents

Introduction

Chapter 1 Ready

Saving a deposit

Budget

Pay off debt

Invest

A tax break to help save for a deposit

First Home Buyers Grants

Joint tenants v tenants in common

The Bank of Mum and Dad

Gifting

Lending to family members

Bank guarantees

Chapter 2 Set

Choosing a property

Lifestyle choices

Affordability

Potential

Property Title

Research

Rent-vesting

Chapter 3 Own

Arranging a loan

Pre-approval

What information do lenders want?

Acceptable income

Expenses

The 5 Cs of credit

Loan Structure

Off the plan purchases

Bidding on established property

Auctions

Case Study

Conclusion

Acknowledgements

About the Author

Ready Set Own

How young Australians can get their own piece of the great Australian dream.

Introduction

1971, the year I was born. It was an era of steak and three veg for dinner, households were furiously loyal to their chosen make of car Holden or Ford. Rugby league scrums were fiercely contested and sometimes won against the feed. Politics was a popular topic of debate at dinner parties. The median Sydney home price was $21,700 which was far ahead of Perth $17,750, Melbourne $13,400 and Brisbane $12,500. Home buyers of the day worried how they were going to repay such massive debt. Part of their worry was undoubtedly caused by double digit interest rates which regularly moved up to 3% each Reserve Bank meeting.

Fast forward to 2017 we have multiple car brands from all points of the globe, Holden and Ford have ceased manufacturing in Australia. Our restaurants offer almost every style of cuisine imaginable. Political debate is limited to whether Malcolm Turnbull is a good man in a crisis or good man, in a crisis. Rugby league scrums have not been contested for over 30 years and regularly feature outside backs filling in at lock or the back row… But I digress, interest rates have steadied at historic lows and property prices are the