You may have seen us say that when the market gets tough we get creative! Buying a home doesn’t look like it did 10 or even 5 years ago and will continue to develop as the landscape changes. We’ve put together a list of the top ways to buy a home for entry, mid and high-level buyers.

1. Lots of capital

Having lots of savings gives you a number of options. It’s important to keep firm goals in order to get the most for your money. You will need to do quite a bit of research into the highest growing suburbs as well as whether you are better off buying a home or apartment. With a decent amount of capital, you can also consider purchasing land to be developed. Like always ensure you manage your expectations and stay focused when embarking on any purchase as it is easy to get distracted and waste money on ineffective decisions.

2. Not a lot of capital

If you are set on buying a home but don’t have the savings just yet there are a number of ways to enter the market. You may choose to buy your home with other people like family or friends. This option requires a lot of planning and trust in the individuals you will be making the purchase with. Another option is to contribute a small deposit. Deposits can be made for as little as 5% of the purchase price. If you decide to do this you will need to look into the cost of lenders mortgage insurance as this will be required on such a large loan.

3. Asset portfolio

When you have a portfolio of properties you can use these as guarantees on any new purchases. This means you can borrow more and in the event that you cannot pay the loan your properties can be used by the bank to recoup the balance.