Your Guide to property investments
Home loan activity is at historically high levels, according to the latest data from the Australian Bureau of Statistics.
Australians committed to $31.4 billion of home loans in November, which was 6.3% higher than the previous month and 33.2% higher than the previous year.
Owner-occupier borrowing was up 7.6% on the month and 17.2% on the year, while investor borrowing was up 3.8% on the month and 86.9% on the year.
Want to enter the market this year? Here are three home loan tips:
Maximise your credit score – pay all your bills on time and reduce your credit card limit
Get started early – it can take several weeks to get a home loan pre-approval
Speak to a broker – brokers can compare loans and access special deals on your behalf
How to escape the increasingly expensive rental market
With rents climbing steeply in many parts of the country, 2022 might be the ideal time for younger Australians to enter the market.
The average rent paid by a tenant living in a capital city was 7.4% higher in the December quarter of 2021 than the same quarter of 2020, according to Domain.
So if you're a first home buyer, you might wondering - what can you do to save a deposit?
Increase your income – e.g. get a second job, do more shifts, start a side hustle
Reduce your expenses – e.g. move to a cheaper rental property, cut back on home delivery, buy less ‘stuff’
Reduce your deposit – e.g. opt for a low-deposit loan, a family guarantee loan or a spot in the First Home Loan Deposit Scheme
Don’t worry if any of this sounds confusing – I can explain your options to you in plain English. When you’re ready to talk, I’ll be happy to guide you through the process.