First-Time Investors Guide 2020 2020 - Page 11

Step 2 : Affordability & Personal Finance

5

One
Protect the income that you have
of the things that the bank will ask for is information regarding the insurance that you currently have in place . As you are reliant on one income only , it is very important to get income protection insurance to ensure that should something happen , you can continue to service the loan .

6

As
Longevity is the key to success
far as lenders are concerned , the longer that you have been in your job , the better . If you have been in and out of jobs . Greeff says wait until you have locked down your dream job .
Purchasing property always comes with a few challenges that homeowners , whether single or married , that you will have to work around . However , owning your own home has countless , long-term benefits and that makes everything worth it .
Preparation is the key to success when buying a home on a single income . Work through the tips above , and you ’ ll put yourself in the best position possible to become a homeowner .
Sources Greeff Christie ’ s International Real Estate , BetterBond
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