Learning journey: Buying your first home
Saving for and buying your first home can seem an insurmountable challenge with rising interest rates, inflation and an expensive property market. The Buying your first home learning journey brings together a number of MoneyED modules specifically selected for those saving towards a deposit and purchasing their first home. From weighing up the benefits of buying versus renting to understanding the process of arranging a mortgage and buying a property, this collection of modules will help you get your finances in order and onto the property ladder.
With its modulated design, this programme is designed to be self-paced with an approximate total completion time of 125 minutes.
Curriculum
80
Important information
Introduction
Is it a good idea to buy a home?
Timing and building a deposit
Example: Borrowing from parents
Income and expenses
Short quiz
Important information
Introduction
Getting started
Initial ongoing expenses
Volatility of ongoing expenses
Longer term costs and benefits
Additional risks associated with buying a home
Alternatives to buying or renting a home
Short quiz
Important information
Introduction
Saving using a bank account v the FHSS scheme
Getting started and eligibility
How to save with the FHSS scheme
How much can be withdrawn?
So, you're ready to buy a home!
Short quiz
Important information
Introduction
What is a mortgage and how much do I need?
What banks focus on when lending
Some options if you're falling short
Using a mortgage broker or going direct
Conclusion
Short quiz
Important information
Overview
Introduction
Product features
Don't forget about lenders mortgage insurance
Get pre-approval
Short quiz
Important information
Overview & introduction
Vendors statement often known as ‘Section 32s’
Make an offer and secure the property
Move into your new home
Short quiz
Overview of inflation and interest rates
The relationship between inflation and interest rates
Rising or falling prices
Short quiz
Important information
Introduction
Characteristics of debt
Types of debt
Reasons to borrow money
Using debt effectively
Example: Tax deductible borrowing
Conclusion
Short Quiz
Introduction
Mortgage insurance
Other benefits of waiting and saving for a bigger deposit
The benefits of buying sooner
Market timing
Short quiz
Budgeting basics
Looking forward to look back
Getting your baseline right
Short quiz
Introduction
The Household CFO Strategy
The Envelope Strategy
The 50-30-20 Strategy
The budgeting process
Short quiz (Update)
Important information
Introduction
What are your financial values?
Financial values inventory exercise
What makes a good financial goal or objective?
Defining your own financial objectives
