{"id":7952,"date":"2018-01-28T22:00:44","date_gmt":"2018-01-28T22:00:44","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/4-steps-to-help-you-crack-the-property-market-in-2018\/"},"modified":"2018-01-28T22:00:44","modified_gmt":"2018-01-28T22:00:44","slug":"4-steps-to-help-you-crack-the-property-market-in-2018","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/4-steps-to-help-you-crack-the-property-market-in-2018\/","title":{"rendered":"4 steps to help you crack the property market in 2018"},"content":{"rendered":"

<\/p>\n

\n

Could 2018 be your<\/em> year? The year you finally crack the property market?\u00a0<\/strong><\/p>\n

Market trends and property data will only get you so far; first you need to be in a position to part with the cash.<\/p>\n

Paul Thomas, CEO of Gateway Credit Union, shares how high-interest savings accounts, paying down your debt and obtaining a good credit score could help you get into property numero uno<\/em> before the year\u2019s out.<\/p>\n

Let\u2019s approach this step by step.<\/p>\n

Step #1: Pay down your debt<\/h2>\n

Let\u2019s be real, if you\u2019re saddled with debt it\u2019s unlikely you\u2019re going to be able to save for a home.<\/p>\n

Paul says reducing any debt \u2013 from personal loans<\/a> to those you incur on your credit card \u2013 can help you in more ways than one before purchasing a home.<\/p>\n

\u201cIt puts you in a better position as a borrower when you apply for a home loan,\u201d he says. \u201cLenders will assess you on a range of factors, and your debt level is one of these.\u201d<\/p>\n

\u201cThe less debt you have, the more cash flow you\u2019ll also have to put towards mortgage<\/a> repayments. It\u2019s simple: The less debt you have, the better position you\u2019ll be in financially.\u201d<\/p>\n

\"Darlinghurst<\/p>\n

Thinking about the dream home won\u2019t bring it any closer \u2013 that starts with saving. Picture: realestate.com.au<\/p>\n<\/div>\n

Step #2: Budget to save<\/h2>\n

When saving for a deposit, it\u2019s crucial to not only pay down your debt but to have a regular savings plan, Paul explains.<\/p>\n

\u201cSaving a deposit doesn\u2019t happen by accident \u2013 you have to be organised and consistent,\u201d he says.<\/p>\n

The first step is to analyse your finances and work out a budget.<\/p>\n

\u201cA budget should help you identify where your money goes in any given month and where you can make small cost-cutting measures,\u201d Paul says.<\/p>\n

\u201cThis will also allow you to have a realistic idea of how much you can put away every week,\u201d he adds.<\/p>\n

Step #3: Fast-track your savings<\/h2>\n

Debt-free and fancy free? Not a chance.<\/p>\n

Once your hard-earned is going into your<\/em> bank account \u2013 not your credit card \u2013 it might be tempting to spread your wings a bit.<\/p>\n

Well rein it in, because it\u2019s actually a much better time to start building up your genuine savings.<\/p>\n

\"Girls<\/p>\n

Opening up a term deposit could help you lockdown your savings. Picture: Getty<\/p>\n<\/div>\n

You might have heard the terms \u2018high-interest savings account\u2019 and \u2018term deposit\u2019 float around before, but how can these actually help you?<\/p>\n

\u201cHigh-interest savings accounts and term deposits are intended to boost your savings by offering interest on the money you hold in them,\u201d Paul says.<\/p>\n

\u201cUnlike an everyday transactional account, these products generally have no account-keeping fees.<\/p>\n

\u201cA term deposit also provides the added benefit of locking your savings away for a specified term, which means you\u2019re less tempted to dip into your savings for impulse purchases.\u201d<\/p>\n

If you\u2019re looking to build a deposit for a home, these types of products could provide a huge helping hand. Essentially, they make your money work harder by earning interest on your savings, helping you to boost your savings more quickly.<\/p>\n

If you\u2019re not confident you\u2019ll remember to regularly deposit money into your new savings account, Paul says you could look into setting up a direct debit from your everyday account to your savings account.<\/p>\n

Step #4: Check your credit score<\/h2>\n

What the heck is a credit score, we hear you ask?<\/p>\n

Essentially, it\u2019s a number that is calculated based on the information in your credit reports that lenders<\/a> will use to determine your reputation as a borrower. The higher your score, the more attractive you could seem to potential home lenders when applying for a loan.<\/p>\n

\"Girl<\/p>\n

It\u2019s easy to check your credit score online. Picture: Getty<\/p>\n<\/div>\n

\u201cLenders may use this information to decide if lending you money [to buy a home] is worth the risk,\u201d Paul says.<\/p>\n

\u201cThings like the type and size of credit you request on your loan applications; paying your bills on time; not applying for too many credit cards; paying off outstanding loans and credit card debt; or your employment history can all impact your overall credit score,\u201d he says.<\/p>\n

If you haven\u2019t ever looked up your credit score, now is the perfect time to do it.<\/p>\n

You\u2019re entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies, such as Equifax, Dun and Bradstreet and Experian.<\/p>\n

If the number comes back high \u2013 congratulations. You\u2019re one step closer to that #dreamhome.<\/p>\n

Have a read of Gateway\u2019s free First Home Buyer\u2019s Guide for more tips.<\/em><\/p>\n

\u00a0<\/p>\n

\n <\/p><\/div>\n

Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Could 2018 be your year? The year you finally crack the property market?\u00a0 Market trends and … 4 steps to help you crack the property market in 2018<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7953,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1403,15239,1335,12908,543,604,408,41,140,818],"class_list":["post-7952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-credit","tag-home","tag-home-buying-guide","tag-loans","tag-mortgage","tag-property","tag-property-market","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/Darlinghurst-home-2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":4849,"url":"https:\/\/amazingproperty.com.ng\/blog\/how-debt-helps-you-build-a-property-portfolio\/","url_meta":{"origin":7952,"position":0},"title":"How debt helps you build a property portfolio","author":"Amazing Property","date":"June 6, 2017","format":false,"excerpt":"[ad_1] Whilst it\u2019s possible yet difficult to save your way to a property deposit, it\u2019s almost impossible to save your way to a comfortable retirement. If you attempt to save a lump sum for an outright property purchase, you might only buy one or if you\u2019re lucky two homes over\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/leverage_A-1024x768.jpg?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/leverage_A-1024x768.jpg?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/leverage_A-1024x768.jpg?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/leverage_A-1024x768.jpg?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":6417,"url":"https:\/\/amazingproperty.com.ng\/blog\/financial-donts-when-getting-ready-to-buy-a-home\/","url_meta":{"origin":7952,"position":1},"title":"Financial Don'ts When Getting Ready To Buy A Home","author":"Amazing Property","date":"September 27, 2017","format":false,"excerpt":"If you're in the process of buying a home, you've probably already met with a lender who advised you on what to do and what not to do during the escrow process. But if you're just getting ready to buy or plan on doing so in the near future, following\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"mortgage-approval.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/mortgage-approval.jpg?fit=800%2C530&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/mortgage-approval.jpg?fit=800%2C530&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/mortgage-approval.jpg?fit=800%2C530&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/mortgage-approval.jpg?fit=800%2C530&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":8430,"url":"https:\/\/amazingproperty.com.ng\/blog\/how-to-consolidate-your-debt-well-before-tax-time\/","url_meta":{"origin":7952,"position":2},"title":"How to consolidate your debt well before tax time","author":"Amazing Property","date":"February 27, 2018","format":false,"excerpt":"The end of financial year is for the finance industry what summer is to your social calendar \u2013 mayhem. 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If you\u2019ve racked up the debt post-silly season it could be a good time\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Paddington Norfolk St 4x3r.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Paddington-Norfolk-St-4x3R.jpg?fit=1063%2C797&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Paddington-Norfolk-St-4x3R.jpg?fit=1063%2C797&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Paddington-Norfolk-St-4x3R.jpg?fit=1063%2C797&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Paddington-Norfolk-St-4x3R.jpg?fit=1063%2C797&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Paddington-Norfolk-St-4x3R.jpg?fit=1063%2C797&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":2354,"url":"https:\/\/amazingproperty.com.ng\/blog\/a-mortgage-specifically-for-doctors\/","url_meta":{"origin":7952,"position":3},"title":"A Mortgage Specifically for Doctors","author":"Amazing Property","date":"March 22, 2017","format":false,"excerpt":"A lesser-known home loan may help your clients in the medical industry better afford a home purchase. 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