Those looking for a loan to buy a home in Australia can welcome the news that rates for loans have reached a new low of 2.25 percent, in an effort to attract more buyers to an already flourishing market of real estate investors and buyers.
Off the back of the news that lenders have seen an increase of 150 percent in lending over the last three years alone, property buyers and sellers are enjoying low rates, and high gains as property prices rise steadily as Australia enjoys a property boom.
Due to global financial uncertainty and near zero percent interest rates in many first world countries, foreign investors have flocked to invest their money in Australia. According to Compareforexbrokers.com.au, a big reason (among many others), overseas investors are keen on investing in Australia is due to the falling Australian Dollar. It is now more affordable for foreign buyers to invest in Australian property. Are you looking to purchase your first home in Australia? If so, read on. Here are our top tips for new buyers in 2015:
Compare mortgage rates and loans
When have you heard of a first time buyer purchasing their property in straight cash? Unless you are lucky enough to be related to a millionaire generous uncle, you will, like the rest of us, have to take out a mortgage loan to cover the costs of buying your first home. All banks and lenders offer different rates depending on your financial circumstances and details, to make things easier and save time, comparehomeloans.com.au lets you compare over 1,000 loans in less than sixty seconds, providing you with the best three choices for your own circumstances.
Take your time! No need to rush things
We are in an age where people are living at home longer, taking their time saving up a deposit or large chunk of a home, even renting for a few years before finally taking the plunge and buying a house outright. Do the same, if you are scraping to put together a deposit, perhaps you need to wait a little before you step onto the ladder.
Research around different cities to find your best fit
You are about to purchase your very first property, you better make it a purchase to remember right? And for all the good reasons too. Far too many first time buyers make the mistake of limiting their search to familiar grounds, wanting to be close to family and friends or seeking a home in an area they know well.
Do yourself a favour and take in some thorough research. Is your hometown a good investment area? Can you even afford a property where you currently live? Will you spend your whole life there? Are the job prospects better elsewhere? It is your life after all; better spend it living how you want.
Think about the future
Naturally, the first home that you buy is more than often not the home you will find yourself in come 20 years down the line. When buying your first home have a think about where you see yourself in the future. Is your career heading in the right path? Are you looking to start a family any time soon? Have a think about the resale value of the home you are buying with a view of perhaps purchasing something a little bigger as you move up the real estate ladder in the future.
These are just some tips for those first time buyers in the country, of course, there are a lot more steps and things you need to think about before you go ahead and join the real estate side of modern life – we hope to have just put you on your way.
So, are you ready to step onto the real estate ladder in 2015? We wish you nothing but the best of luck, and welcome to the investment side of Australia – we hope it proves to be as fruitful for you as it has for others.