Friends With Money #86: Top 5 property tips for buyers in 2023


With property prices falling and interest rates rising, what's a first-time property buyer to do?

This week on the Friends With Money podcast, Money's Michelle Baltazar speaks with Daisy Stevens, head of lending operations at Finspo, about the top five things you can do to get into the property market.

  • Where do you start?
  • Who should you talk to?
  • What are your options?
  • Build the team

friends with money 86 top five property tips

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Michelle Baltazar is editor-in-chief of Money magazine and an award-winning journalist, editor and publisher. She has worked at media companies including BRW, Shares Magazine (London) and industry newspaper Financial Standard, and has written about superannuation, wealth management, investment technology and financial advice.

Daisy is head of lending operations at Finspo, a digital-first mortgage broker making home loans simpler for Australians. Her goal is to educate and empower Australians along their home-buying journeys. Daisy is an MFAA Accredited mortgage broker with more than 10 years of lending experience.
Stella OConnell
February 19, 2023 4.50pm

Thanks Michelle and Daisy, for an enjoyable and friendly podcast. I wanted to share a tip which might be helpful to people who, as I was, are scared of the commitment of buying a house and taking on what seems like a massive debt. Years ago we were renting, but had saved a reasonable deposit. To really prove to myself that we could afford to buy, I worked out what the monthly mortgage repayments would be for the kind of house we were looking at buying. I even allowed for a 2% rise in interest rates (just in case!). Then every month, when we paid the rent, I 'paid' the difference between that and the theoretical mortgage amount into a separate high interest savings account. After we hadn't touched that money for about six months, I felt comfortable about taking the big step and we bought our house!! Ten years later, I think my approach really helped me avoid worrying about the mortgage hanging over our head. As a friend once said, try not to be daunted by the big debt: just set up your auto-payments, think of it as 'renting to yourself ' and you'll be right! Worst case you can sell the property again. We're currently gearing up to renovate, which is so exciting! Good luck to all the would-be buyers out there!