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If you were to walk down the street and canvas the people who pass by, you’d be hard pressed finding someone who doesn’t have at least one credit card. In fact, most of us have two or three visas and mastercards and on the go at any one time, with varying credit limits and balances.

If it hasn’t happened to you, then it’s likely that you know someone who has ended up stuck with a mortgage that didn’t suit their needs.

As rising interest rates and inflated property prices push the dream of owning a home out of reach of many ordinary Australians, the question must be asked: are we facing an affordability crisis?

Home owners are still refinancing their mortgages, even as the property market remains flat, the latest Bankwest/MFAA Home Finance Index has shown. The Home Finance Index, which surveyed more than 1,139 respondents, revealed that one in four (24.7%) had refinanced their loan in the past two years and 14.2 per cent had refinanced in the previous year, an increase on the previous HFI.

One of the biggest challenges of buying your first home is being able to save the deposit. But with these tips and tricks, you’ll be on your way to home ownership in no time…