Case Study: Singles Looking To Buy Their First (And Second) Property

By Effie Nicol, Mortgage Broker and Branch Principal, YBR Home Loans Earlwood and Marrickville.

Buying a property in today’s market is hard, particularly so for young people. Even more so for singles. However, with the right attitude and strategy, it is absolutely achievable. 

To help inspire others thinking about getting into the property market, I wanted to share the story of Candice, who has been a client of mine for nearly 5 years. She was 25 when she bought her first property, and at 28, she now owns two properties.

I asked her for some advice to give to other young singles looking to buy their first home…

“The hardest challenge was to save a regular amount from each pay cheque. I knew I had to save and I could not touch it, so I set up a separate savings account where I could only see the balance if I went into a branch.

“I really committed and made it a priority. Yes, I had to restrict myself from not being able to do things, but I had a goal and I knew the other things could wait.

“I would say to other young people, where’s your commitment? Are you just going to go out every night? Or just buy new stuff all the time? It’s the same thing as going to the gym. If you commit, you’ll lose weight and build muscle. But if you’re only going a few times a week and giving yourself cheat days, you won’t get the same results. You’re only going to see results if you put the work in.

 “I would also say that you need to have someone working alongside you, to support you and look out for you. Someone that understands the property market and how everything works. Because you don’t know what you don’t know.

“For example, with my first place, there are things I know now that I would do differently – so many things – but I took Effie’s advice and bought where I could afford. I also got lucky in a way, because my first place (a house and land package worth around $800,000) is where the new airport is going in. So the value has gone up a lot in a few years. Knowing that now, I would definitely do my research and see where the growth is.”

Candice has now purchased her second investment property…

“Mum really instilled the importance of owning property, as part of being secure. She worked so hard when I was growing up to make sure we could get a roof over our heads. She was a single mum and no one would give her a loan. Then she met Effie and was given a strategy that she could follow. In 6 months she had got a loan. That was such an inspiration to me.

“My goal is to retire by 45-50. I’m not on a ridiculously high income, but I’m investing in property so that I can be secure in the future.”

Candice really is an inspiration and I want to thank her again for sharing her experience.

I know it’s stressful thinking about buying a property as a young person. Getting a home loan can be overwhelming if you try to go it alone. As a mortgage broker, I aim to give everyone the chance to achieve the great Australian dream of owning their own home.

As is the case with Candice and all of my clients, I have a responsibility to my clients to get to know them well and keep them on track with expert advice and genuine care, as well as maintaining my professional and technical expertise.

I prioritise establishing a relationship for the long term, as well as providing my clients with the necessary education and financial management strategies to ensure that you’re set up to succeed.

I’m here to provide meaningful services, from the purchase of your first home right up to an investment property to support you in retirement.

There are so many ways to get started on your own property journey – if you want help to find the right path to your goals, give me a call today.