New home and first home finance
In many European countries, people rent for life. Not in Australia. Here, the dream of owning your own home is alive and very well indeed. So, what’s required to live the new home dream? Let’s take a look.
Here in beautiful WA, and the rest of Australia too, very few of us believe in renting for life.
Renting costs money and most of us see rent money as dead money. It’s something you pay when you have to, when you’re young and studying and getting ready to start the new home dream. If we’re going to pay money for the places we live, then why not pay the money to pay back a home loan. It seems to make sense.
Almost every new home builder, except that one percent who are super rich, will need to borrow money to bring their new home dream to life. The nature of the loan depends on your financial position in life, your savings and assets and the size and style of the new home you plan to build.
Finance is out there
All sorts of different people manage to build or buy their first, second and third homes. They’re not all millionaires, and they’re not all company directors. They’re normal Australians, with finance for their new home. You’d be amazed at some of the stories we hear about what people can achieve when they put their minds to it. It’s amazing. The very young, the very poor, new arrivals to Australia, they can and do achieve their new home dream. Which is great news for all of us.
Young and fun
New home finance is always more challenging for young people because they naturally tend to have less money saved and fewer assets. That’s understandable, and if that’s you, you’re at the start of your life. We get that and so do many finance brokers who specialise in helping young people who might be challenged by unstable employment, a less than ideal credit history, or simply a love of partying and spending all their money. Whatever the circumstances, you’re unlikely to be the first, or the last, and there are probably options for you.
There is absolutely no doubt that the more you save for a deposit, the better your position will be. First and second home builders and buyers will always be in a good position to borrow, whether they keep or sell their existing property. But if this is the first time and your first home, and you haven’t managed to save an ideal deposit, it is still possible to secure finance from that position.
So, if first home buyer finance is what you’re looking for, go and meet with some finance brokers and have a conversation. They will have options for you.