Consumer Corner: Eliminating the stress of buying a first home

Lenders have rules around gross and net income which must be met first before you get approval on a mortgage. These can vary from lender to lender

Since the start of the year, first-time buyers can generally borrow up to four times their gross annual income: this is up from the previous limit of three-and-a-half times income. However, a minimum of 10% deposit is still also required.

It’s well known that one of the most stressful things in life is buying your first home. Whether you're buying on your own, with someone, or supporting someone buying a home, it brings an array of complexities.

But there are ways to make it work, and plenty of advice you can follow — from cutting back on designer clothes, to moving in with parents, or buying in the commuter belt.