Right? Wrong!
More first timers became home owners in the past year than was typical in the 2010s, according to a new report.
That’s not to say it was a walk in the park, but this stat from the PropTrack-CommBank First Home Buyer Report, clearly shows that home ownership remains within reach.
“Taking advantage of government grants, low-deposit schemes, and Lenders Mortgage Insurance can enable first-home buyers to overcome the deposit hurdle and buy sooner,” realestate.com.au says.
“Buying newly built or ‘rentvesting’ are also strategies some are implementing to overcome challenging affordability.
“Having flexibility on the location and type of dwelling can also provide opportunity for first-home buyers.”
And there’s likely more help to come.
“The good news for first-home buyers is that mortgage rates are falling and are currently expected to decrease further across this year. While home prices are rising, lower mortgage rates will help put more homes within reach of first-home buyers.”
So if you’re stuck wondering if you’ll ever make the leap on to the property ladder, be assured that it is absolutely possible.
Get your support crew in place to make sure you’re getting the very best advice to plot a pathway to home ownership that is achievable for you. Talk to an independent financial planner, research government home ownership schemes and talk to local agents to get a good idea of local markets you’re interested in.
Ready to roll into home ownership? Contact us for a chat about anything real estate or view our current listings for sale.
