Lack of Savings the Biggest Problem
Update from Gold Coast Mortgage Broker: One of the biggest problems that needs to be addressed by younger people coming through these days is the fact that people are just not saving enough and this is what is stopping them from being able to borrow.
It makes sense when you think about this because when lenders are being a bit more selective about who they lend to, one of the big criteria that they would look at is the savings that a person has.
“It’s an issue that needs to be addressed when children are much younger” said Kathy Rogers from Gold Coast Mortgage Broker FinancialPlus. “We have spent a lot of time with our children helping them understand the value of savings – not only for a house but also for a car – and they have been saving 30% of their earnings from a very early age.”
Your children may not like giving up some of their money but when you have an 18 year old uni student with $9,000 saved up as a deposit and he gets excited about it, the discipline is worth it.
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Tags: deposit, financialplus, gold coast mortgage broker, home loans newsletter, kathy rogers
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