According to the Australian Bureau of Statistics, 32% of Australians are renters.
If that includes you, but you’d like to stop paying your landlord’s mortgage and start paying your own, there are a few things to consider that may help you get there.
Your savings situation
The first step is to review your finances and set a savings goal. Online budgeting tools are available to help you fast-track your home deposit.
Liberty Adviser can also help you work out exactly how much you need to save and let you know about some of the low deposit home loans available. They can also give you a price guide based around how much you can afford to borrow.
If you’re paying rent, then potentially you can afford mortgage repayments. Many lenders will look favourably at regular rental payments as proof that you can manage consistent outgoings.
Different ways to buy
If you can’t afford to buy a property in an area you want to live or you’re not ready to put down roots, you might like to consider rentvesting. This involves living in a rental property while buying an investment property in a more affordable area.
Rentvesting can be a good option to help you to get onto the property ladder sooner and start enjoying the benefits of any increases in property values.
First home buyer schemes
The Australian Government has a number of incentives and schemes for first home buyers looking to take their first step into the property market. You can find out more about what assistance you may be eligible for at www.firsthome.gov.au
Speak to an expert
To learn more about the options open to you and how you can lose the lease sooner, contact a Liberty Adviser today.