If you're considering home ownership. Then here's five good reasons that can inspire you to start your home buyer plan in 2019.
1. Government First Home Owners’ Grant
In Australia, eligible first home buyers can access a generous Government grant when buying a new home. These incentives are only available while Government funds permit so it's a good idea to take advantage of them.
Queensland currently has a first home owner grant of $15,000 and Regional Victoria buyers can access a grant of $20,000. You can find out more about grants available in your state at http://www.firsthome.gov.au/
2. Interest Rates ARE LOW!
In August 2016 the Reserve Bank of Australia dropped the official cash-rate to 1.5%. This has created a very competitive finance market and Australian Banks and Lenders are providing some of the lowest interest rates we have ever seen.
Home buyers can now get into their own home with a great interest rate with repayments that may even be more affordable than renting.
3. House Prices are Affordable
Although property prices are extremely high in some locations, there's still affordable property options available. Smart buyers will research suburbs and look around for great opportunities.
If you can't afford to buy in your preferred location don't let that stop you. Being open to other locations may allow you to get into the property market sooner which can open you up to more options in the future. Consider our article Your First Home May Not Be Your Dream Home.
4. Property Grows in Value
Real estate is known to grow in value over time which is why it is considered as a secure long-term investment option. Unlike cars and recreational items which mostly decrease in value, property does the opposite.
Once you've built equity and reduced your mortgage, you can use it to purchase another home, sell for a profit or upgrade to your dream home!
5. Escape the Rent Cycle
Renting means that you could be paying $450 a week or $23,000 a year towards someone else's mortgage. Over 30 years that could be more than $702,000 - assuming rent prices don't increase (which they will).
Instead of paying this much and walking away with nothing but your bond and the need to find another rental, you could have paid off your very own home. This can be a very smart investment choice for you and your families future.
As a home owner, you can renovate it, have as many pets as you want, paint it however you like... the list goes on! It's your home and you can do with it as you please!
Start your home buyer plan!
Planning is the first step on your journey to becoming a home owner. Our free First Home Buyer Planner Guide is the perfect tool to help you become an educated and confident home buyer.