Mirvac head Stuart Penklis offers advice for young first home buyers

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It’s not easy to break into one of the most competitive housing markets in the world, but Stuart Penklis suggests one way it can be done. 

Stuart Penklis is the head of residential at property developer Mirvac and says persistence and making sacrifices pays off. 

“One thing that most of these first home buyers have in common is a clear goal and a willingness to make sacrifices to save towards owning their own home,” he tells the Daily Telegraph

“When you see young couples in their early 20s, who’ve been saving since they were teenagers and have the deposit and a steady income to support a mortgage, it gives encouragement to others trying to take the first step on the property ladder.”

No problems if you struggling saving up money, just set yourself goals, Mr. Penklis says. 

“Setting a goal and sticking to a budget is the best way to encourage good saving habits to build a deposit,” he says. 

“Living at home with parents if you can, rather than renting your own place, and cutting back on discretionary spending can add up to significant savings at a time when every little bit helps.”

He says it’s better a better use of your time to know how much you can borrow before you begin your property hunt. 

The national property market has risen nearly 14 per cent over the past year and it has no signs of stopping. 

Source: The Daily Telegraph 

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