A Melbourne real estate consultant who bought his first home at the age of 19 shares how he did it

A Melbourne real estate sales consultant has revealed how he bought his first home worth $350,000 at the age of 19. Scroll down for video Andy Pater from Construct Homes has revealed how he bought his first home at the age of 19 Mr Pater's first recommendation involves purchasing a townhouse 'off the plan' because the developer only requires the deposit with no further progress payments 'To be honest it was a very risky move purchasing the property at 19 because there was no guarantee the bank would give me a loan,' he said. Step 1 Purchase a townhouse 'off the plan', meaning the house is yet to be built Step 2 Negotiate for the lowest deposit possible Mr Pater managed to arrange a 5% deposit of $18,000, with repayments costing close to $170 per week over two years Step 3 Once the two years has passed, organise the home loan, move into the new house and take note of whether the property has increased in value When organising the loan Mr Pater also recommends going through a broker to save buyers unnecessary stress and make the process a lot easier The third and final step involves organising a home loan. After paying off the deposit for two years, the third and final step involves organising a home loan and finding out whether the property has increased in value He said depending on the market, buyers may have anywhere between $40,000 to $60,000 in equity to purchase another property if desired For those who aren't ready to purchase a property yet, Jared Kirkwood, another real estate agent from Melbourne, posted a 15 second TikTok video featuring three ways to set aside enough money to get started. In the first step, Mr Kirkwood advises people to open four bank accounts and name them Erry Day, Bills Away, Rainy Day, and Home Someday.