Moving from a rental property to a home
First time buyer grants have been in the news recently with changes proposed for New South Wales policies and a significant rise for new home incentives (from $7,000 to $10,000) proposed in Victoria.
This may beg that question about when is a good time to make the move from living in a rental property, to buying your first home.
Getting out of the rental loop can seem like a scary step, but with careful planning and expert advice, becoming a home owner can be financially beneficial, and comes with plenty of advantages like finally being able to decorate the way you want to!
Rental properties are becoming more difficult to find at an affordable rate, and as the interest rate has remained at three per cent, now could be a good time for renters to have a hard look at their finances, their future plans, and the expiry date on their lease.
Looking at first home buyer grants in your area is essential, as there are checklists to meet for eligibility and some offer incentives for brand new homes only.
Researching the market is another vital step. Read everything you can set your eyes on about property sales in your area, and find the best home loan for your needs before making any major decisions.