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Andrew Morello: Getting Started in Property

In this article:

An excerpt from Andrew Morello's eBook The Morello Matrix: your guide to property investment. Andrew, the winner of the first series of Celebrity Apprentice Australia, provides his comprehensive personal approach to buying real estate and building a property portfolio.

To get your free copy of the full Morello Matrix eBook visit www.ybr.com.au/morellomatrix

Start with a Plan

  • Save for a deposit: The first step is to get a deposit, usually 5-10 percent of the purchase price plus costs.
  • Map it out: Establish what you want to buy, the likely cost of it, and how much your lender will require as a deposit.
  • Do your homework: find out the actual amount you will need for stamp duty and conveyancing fees.
  • Set a deadline on your goal of saving this money.
  • Accept it will take some sacrifice.

Take the first step

Ways to Save

  • Live with mum and dad while you save the deposit.
  • Make a budget and stick to it.
  • Use a high-interest savings account or managed fund that is separated from your daily account.
  • Cut out luxuries and bank the savings, such as coffees, eating out and exotic beers or wines.
  • Get a second job, and save all the income from that job.
  • The golden rule is to pay yourself first, direct from employer into an account that doesn’t have a plastic card attached.
  • Look for overtime, do the worst shifts, then bank the extra pay.
  • Pay a regular amount into your savings, which you don’t have easy access to.

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7 Refinancing Mistakes You Don’t Want to Make Take a look at some of the ways homeowners come unstuck when refinancing their loan.

Buying Off the Plan – This Is How to Manage the Risk Prepare for unpleasant surprises when buying property off the plan.

How Your Home Can Be Equity Rich Will falling house prices affect the equity wealth of your property?

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