If you want to become a homeowner in Australia today, it is not going to be cheap. According to research from RP Data, the average price of a home is $852,000 in Sydney, and $641,200 in Melbourne.
You’d have to be extraordinarily wealthy to pay even a fraction of that money upfront with the cash you have on hand. More than likely, you’ll have to spend years saving.
Be ready for the challenge with the right broker
If you’re like most Australians at the very start of their career, you don’t have the money saved up to buy a house just yet. You probably have to spend much of your 20s working hard, stashing away some of your income and eventually putting together enough money to make a deposit on your home.
This saving process can be a grind. It’s difficult to know how much you can afford to save – or, just as important, how much you’ll need for the ordeal that lies ahead. Even for the financially savvy among us, this planning process can be maddeningly complicated. That’s why it helps to have a broker who can sit down with you and help figure things out.
For many Australians, making repayments on home loans constitutes somewhat of a backbone for their entire financial plan from month to month. They receive their paychecks, they put a substantial amount towards paying off their homes and they divvy up the remaining money in a budget that makes sense.
But what if it was possible to refinance your home loan, and by extension, rebuild your entire budget for the better?
Buying a home for the first time is a major step in anyone’s life. Once you finally decide to stop renting and own your own place, it’s financially liberating. You’ll no longer be throwing your money away every month on rent payments – instead, you’ll be putting it toward owning your own property and adding to your wealth long-term.