Nila Sweeney

If you don’t have a huge stash of disposable income left over each paycheck, but you’re still keen to move up the property ladder, these expert tips may take you a few steps closer to your goals.

Contrary to popular belief, you don’t need to be earning six figures to be able to afford a property investment, according to Ruby Janssen, managing director, Onyx Domain.

She should know: Janssen purchased her first five investment properties before she was 21, when she was earning wages of just $5.13 per hour. In the 10 years since, Ruby has established herself in the top 1% of property investors in Australia. Here, she offers her top tips for low income earners keen to progress in their property journey.

Tip #1:Save something every week

Whether it’s $10 or $100, make a commitment to put something aside each week to boost your bank balance. It’s not about how much you save, but how consistent you are, says Janssen. “Even the smallest amount sets up good habits,” she advises.

Tip #2: Start small

Don’t put off investing because you think you’ll need to launch straight into a half a million dollar home. Research the market and find an affordable area to get your start. “Getting even a small investment is better than nothing and will get you into the market,” Janssen adds.

Tip #3: Be patient

Many investors anticipate huge returns and fast financial success, but that’s not the way property investing works, Janssen says. “Investing should be a long-term strategy and will not make you rich overnight,” she cautions. With a realistic strategy and a commitment to research, however, you can make serious headway towards your financial goals.

Tip #4: Be creative

“Think outside the box, as opportunities may not always be where you expect them to be,” Janssen says. This could mean anything from changing your approach towards financing deals, to investing in areas or property types you had never considered before.

Tip #5: Consider joint ventures

Owning half of something is better than owning all of nothing, so team up with other people and invest together. “Get good advice from people who have done what you’re looking to do,” Janssen says.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker