Nurses and midwives, is 2019 the year you get serious about buying your first home? If so, I got great news and bad news for you…
Bad news first…The “Great Australian Dream” of owning your own home is further away than ever. According to Housing Affordability Report by Core Logic, housing affordability has worsened over the past 15 years with the cost of buying a home now currently taking 7.2 times the annual income of a typical household, compared to 4.2 times income 15 years ago.
Said differently, the price of property now is a lot higher compared to a typical income than it was 15 years ago. No wonder you’re finding it nearly impossible to buy your first home – the odds are stacked against you. To make matters worse, those around you are blaming the way you choose to live your lifestyle as the reason why you’re not buying a home.
‘Stop eating avocado on toast!’ ‘Stop going on holiday all the time’ ‘Back in my day…’ Blah Blah Blah’ the list goes on. And what’s worse is that according to the same report 87% of Australian non-property owners are concerned about being able to afford their first or next home. So how do you actually buy your first home? Do you have to go back on to the 2-minute noodle diet that you were on back at uni? Do you have to stop going to your favourite cafe on the weekends and stop eating avocado on toast? Do you have to live like a hermit for the next 5 years, just to scrimp and save enough money for a deposit?
Here’s the good news – NO, you don’t have to do any of these things. And in fact, depending on your situation, there is the potential to buy a home within 12 months using smart financial strategies, that only a select few are using. Most people want the pride in owning their own home, a place they can call home and raise a family in, without worrying about being booted out from the landlord or hanging a picture up on the wall. But with the way most people are planning (or lack thereof) for their first home purchase, they’ll most likely be cutting out coupons on a daily basis, getting their $1 coffees from 7/11 and scrimping away every week for YEARS to save up enough for a minimal deposit. Two quotes that resonate with me here…
‘Life’s way too short for bad coffee’ and ‘Success leaves clues and so does failure’ So why do most people fail to buy their first home? It’s quite simple. The strategy to do this and the beliefs about money that most people have been taught simply don’t work. The strategies that worked for a previous generation of home buyers, won’t really help you much now, there’s different challenges (like housing affordability) and the limiting beliefs about money that have been passed down put their financial potential in a chokehold. However, there are certain actions and strategies someone can take that makes it a lot easier to make your dream of buying a home, a reality. There’s a lot of great strategies out there that can help you make this happen! For most people, however, they make assumptions that simply aren’t correct or that ‘it won’t work for them’. For example, they may think that in order to put enough money away for a deposit, it means significantly sacrificing your lifestyle today.
However it’s quite the opposite, a good strategy doesn’t require you to abstain from having a life now. In fact, it shouldn’t diminish their lifestyle now at all. A great strategy leverages off the bank, the tax office and exclusive ‘Nursing Industry’ deals that lenders have to offer. As an example, did you know you can save for your first home and save up to $4,500 in tax while you are doing it? Never heard of this before? Sadly, not many first home buyers have. But this is a strategy that I have recommended nurses and midwives (and other first home buyers) utilise to save for their first home on a regular basis.
Hint, it does NOT involve salary packaging… But this blog post is only scratching the surface. There are so many things you can do in order to purchase your first home in the next twelve months. They don’t involve working harder, you just have to work smarter. Best of all, you don’t have to do it all yourself! Think about it – what would you as a nurse or midwife say if I was to DIY my health? During O-Week in university, I woke up with a crook stomach. I knew straight away it wasn’t alcohol related (I wasn’t drinking the night before!!). So I thought it was just a bug and it would go away soon. By the afternoon I was feeling even worse and booked myself into the GP. Within five minutes, I was told I needed to go to the emergency hospital that night to remove my appendix!
Can you imagine if I just said to the GP, nah I will just fix it myself? Pretty ridiculous isn’t it (and it probably would have resulted in certain death!). So my question is if you shouldn’t DIY your health, why should you DIY your wealth? If you are feeling stressed, overwhelmed and confused about how you can buy your first home in the next twelve months, reach out to an expert! There is no need for you to be spending more time on Google and filling in paperwork while on your nightshift. You work hard enough already, you don’t need to work harder, just smarter. One of the things I constantly hear from nurses and midwives (regardless of age) is they feel like they have nothing to show for their hard work and efforts.
All those patients, nightshifts, courses, scrubs and paperwork and they have nothing to show for it. That ends now. Don’t let the great Australian dream slip you by. If you are a nurse or midwife reading this, you can buy your home in the next twelve months. You can have a place to call your own and something that reflects your years of hard work and effort. You just need to work smarter, not harder.
If you want FREE access to a case study as to how nurses and midwives can buy their first home in the next twelve months, go to masteryourmoneynow.com.au/case-study
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Disclaimer: This information is general information only. You should consider the appropriateness of this information with regards to your objectives, financial situation and needs.
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