Good finances key to buying a home

Buying a house for the first time can be an expensive exercise,however – careful planning can help you reach your goal of owning a home.

The importance of keeping your finances in check has been reiterated this week with the launch of Australia's first MoneySmart week, which kicked off on Sunday (September 2). 

This is a good reminder for those interested in becoming homeowners either now or in the future that monitoring your spending can make buying a home a more achievable goal.

This does not mean you have to become obsessed with each and every dollar you spend, but knowing what your expenses are can help you to find where you could save money in the long-run.

The Money Health Check scheme is the brainchild of the Australian Securities and Investments Commission and aims to help people pinpoint which aspects of their finances could be improved.

Minister for financial services and superannuation Bill Shorten said: "The online Money Health Check is free and easy to use. It asks simple questions across eight money topics with people receiving a personalised action plan at the end."

Prospective homebuyers may want to check out where they sit with their finances and make a  budget to help them get onto the property ladder sooner.