Beware the low interest rate lure

Don’t go overboard with the current low interest rates. Whilst rates are at 49-year lows, remember that they won’t stay at these levels for the long term.

Borrowing to your maximum at this (or any) time is a recipe for disaster. Save a significant deposit – no less than 20% - and budget to make repayments at 2% above the current rates.

Better still, pay your mortgage at this higher rate from the start and build up a buffer that you can use if times get tough financially down the track.