The unfortunate truth of home ownership in Australia these days is that getting your foot onto the property ladder isn’t quite as simple as it should be. That’s part of the reason why we’re devoted to getting you the home of your dreams, while still giving you some money back at Home Loan Cash Back.
Modern and younger investors are struggling to find their place in the real-estate market, and a global survey of millennial house buying aspirations found that Australian would-be-homeowners have one of the lowest records for buying property in the world. However, in spite of this low number of property buyers, Australian youngsters also have some of the highest aspirations when it comes to starting to buy.
At Home Loan Cash Back, we can not only help you to seek out your ideal mortgage, but we could make affording your home more realistic too, thanks to our cashback mortgage solutions.
Have a Budget
Alice Del Vecchio, the head of mortgages for HSBC Australia, says that millennials can still achieve the Australian dream they’ve always wanted with realistic budgeting efforts, a willingness to compromise, and an insight into the right support and advice from certain people.
The barriers for millennials right now are difficult. Many young people in search of opportunities to buy a home are in their first job or still studying. Perhaps one of the best tips to deal with these problems, it to think about working towards a budget that allows Millennials not only to afford what they can currently buy today but allow them to buy a property within 6 months’ time.
Remember to be Flexible
One of the biggest pitfalls that Millennials are facing when it comes to buying property right now, is purchasing in the area where they grew up, or where they’re currently renting. These areas tend to support the lifestyles of the Millennial, but many might be expensive or popular. In other words, it’s time to be a little more realistic about what you can afford in a mortgage.
Even with cashback from Home Loan Cash Back, it’s important to think realistically about the number of bedrooms that you’ll need, or compromise on a life in the suburbs where you most want to live. When it comes to getting into the property market, it’s important for younger home buyers to remember that they need to be flexible about their options. Getting a foot on the property ladder might mean not getting your dream home straight away.
Consider Getting Help
At Home Loan Cash Back, we can help people of all ages to find the mortgage deals that they need to start making an impact on the property ladder. Regardless of where you want to start shopping for the ideal home, we can give you guidance to ensure that you’re getting the deal that’s right for you.
However, some millennials might also consider getting help from elsewhere too. The survey we mentioned above showed that about 21% of Millennials today would consider purchasing property with the assistance of a family member, and another 18% would like to buy a property and consider renting out one or more of the rooms. If you do get help from your family or friends, you could always consider using your cash back repayments as a way of giving them some of their money back each month.
Remember to Shop Diligently
When it comes to making decisions about home finance and mortgages, it’s always important to shop around. Lenders have different appetites for different property types and postcodes, especially if you’re not sure whether you’re going to live in your property or rent it out. It can make a huge difference to the amount of money you can go shopping with if you’re willing to shop around.
