Every time you pay rent, you’re helping someone else achieve their property goals. With interest rates at record lows and criteria for borrowing recently eased, now is the time to assess your situation and find out if you could actually be paying less to buy your own home than you are renting from a landlord. In fact, just four key questions could give you the answers you need.
If you’re renting, it should come as no surprise that your money is actually helping someone else achieve their property goals. But with a local real estate environment that’s rarely been more favourable to first home buyers, it’s the perfect time to chat to a WhiteStar Property and Finance expert about securing your first property.
WhiteStar has helped many purchasers, tenants and finance clients get ahead and take advantage of the greater levels of affordability in regional areas such as Ballarat and Bendigo. And not only can you get more for your dollar in these growth cities, but rental demand can often be higher than metropolitan Melbourne, making it more logical and rewarding to buy rather than to rent.
Four key questions
- Are you renting in a regional area?
- Are you paying $380 per week or more?
- Are you employed full time?
- Are you likely to be eligible for the First Home Owners Grant?
One key answer
If you answered yes to all four questions, you really should be chatting to a WhiteStar advisor about how you can turn your financial position around by investing your money in your property, not your landlord’s.
For as little as $10,000 you may be able to secure a brand new house and land package in a popular regional centre, and if you’re unsure about saving that amount from what you earn, WhiteStar Money Management is a great way to start keeping track of your current spendings and getting you on the way to achieving your deposit.
With the local market showing signs that prices are on the way up again, now is the ideal time to take advantage of low interest rates and softened lending criteria, by booking an appointment with a WhiteStar expert.
In fact, after years of helping clients take their first steps into the property market, many are now turning to us to help their children buy their first home or invest in regional areas.
Of course, for many tenants, renting is actually the favoured option. They might prefer the flexibility of being able to move around, or they want to live closer to the city. In these cases, owning a home in a popular regional centre and renting elsewhere can deliver the best of both worlds. They can use the income from their rental property to help cover their costs, while still being able to enjoy the benefits of mobility or live in a location they desire.
To find out how you can start reaping the rewards of home ownership, call WhiteStar today and arrange to chat with one of our finance specialists.