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How to get your foot on the property ladder


Getting your first property is an important milestone for many Australians, but people are finding it an increasingly challenging aspiration to achieve. In recent surveys, the statistics are pointing towards a growing number of people either delaying their property purchase of giving up altogether. However with good planning, you can get your foot on that ladder. One of the first and most important steps for getting into property is raising the deposit. Here are five tips to help you get started.

Get a finance assessment

Can you get the money from the bank?  This will be one of the key determinates of how much you decide to spend on a property.  Your first stop should be a mortgage broker to see how much you can borrow.  This will determine where you buy, how much deposit you need to get, and how long it’s going to take you to get there.  Without this information, you won’t really know what you’re aiming for.

Create a savings plan

Most of us need to start from scratch and build up capital over time to get a deposit together. Once you’ve had a finance assessment and know how much you need to save, you can create a savings plan to get you there. If you’re struggling to save enough, or feel that your savings are under-performing, reach out and ask for some help.  A financial planner can be great personal trainer for your money!

Keep focused

If saving is taking you some time, it can be disheartening.  This is compounded even more if you’re seeing the value of what you want to buy increase, putting it further out of reach.  You may be tempted to blow some of your savings on a big holiday to make yourself feel better, but this will only put your further behind and leave you feeling worse. Keep your goal in mind and stay committed.

Be accountable

Tell someone that you respect about what you’re trying to achieve.  This could be parents, friends, a manager or adviser.  As you’re building up your deposit, you need to remain disciplined. If no one knows what you’re doing, you can only fail yourself. But if you make it public, you’ve got much more incentive to stay on track.

Think outside the square

These days parent loans or housing guarantees are becoming increasingly popular to help fund first property purchases.  Willing parents can provide the equity in their home to either add to the deposit, or just reduce mortgage insurance on a purchase. If you want to consider this option, it’s a good idea to build up some savings first to demonstrate you’re well on your way and have the discipline to pay it back.


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Our response to limit the spread of COVID-19

  • As COVID-19 continues to spread, we would like to take a moment to let you know what Financial Spectrum is doing to respond.

    While we haven’t been directly affected with any confirmed cases, we are taking all reasonable precautions to remain safe.Our priorities are:

    1. Keep our staff and clients safe
    2. Stay fully operational in our service delivery and continuing to manage your financial affairs
    3. Play our part in minimising the impact on our community against the spread of COVID-19

    Financial Spectrum has the technology, infrastructure and systems to continue business as usual remotely and our staff will now be working from home.

  • You should notice no change to our service, with the exception that we are encouraging our clients to meet via video call, rather than face to face, unless requested. We will be contacting all clients with meetings booked over the next two weeks with instructions for a video call.This is an evolving situation and we will continue to monitor developments. We will keep you informed of any material changes to our approach.

    These are unprecedented times and we understand that many of you will be feeling unsettled about your finances. We would like to assure you that we are open for business and are here to help you. If you don’t have a meeting booked but would like one, or if you have questions, please contact us at info@financialspectrum.com.au or on
    02 8238 0888

Brenton Tong

Managing Director

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