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When I was 27 and looking at buying my first home I received some great advice from a close friend who was like a second father to me.
He told me: ‘Do not borrow too much on your first home, you will be able to pay it down much quicker with a smaller loan.’
This advice literally saved me from pulling out my hair and losing my home. I saw rates rise above 18% and I was very thankful I didn’t have a large mortgage at the time.
It’s advice that has become quite handy in my day to day job today. I am the wealth manager and principal at Yellow Brick Road Epping based in the thriving North-West Sydney region.
It can be tempting to take out a large mortgage and I meet with first home buyers regularly, so I often share this advice with them.
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