Government incentives can motivate people to buy new property
Buying a new home is never easy. Take one look at the initial deposit and the mortgage repayments required to own a place in this day and age, and it’s easy to get overwhelmed. If you’re making a modest salary and don’t have substantial savings to fall back on, it might seem impossible to buy in today’s market.
Having said that, some people can discover creative ways to make the proposition affordable. For instance, Australians today are finding that government incentives can give them the flexibility they need to commit to a new home. Even in a harsh financial climate, success stories do exist. If you’re looking for a little inspiration to own a home yourself, such a story can be heartening to read.
Two happy homeowners in Queensland
For some Australians, taking out a mortgage and owning a home might seem impossible, but the impossible has a way of becoming possible sometimes. The Australian reported, for example, that one couple in Queensland found a way thanks to a government tax credit. Bryce and Jess Green are both 26-year-old retail workers, but thanks to a state credit of $20,000 toward a new home, they were able to buy.
“It motivated us to do it sooner rather than later,” Mr Green said. “What we paid renting a two-bedroom unit in Sydney, we will be paying on our mortgage – and it was a very average unit.”
Thanks to the tax credit, the Greens and their 18-month-old child are now set to move into a new four-bedroom, two-bathroom home.
So what can you afford?
If you’ve been inspired by the success stories that are out there and you want to buy a home of your own, it’s time to do the math and find out what sort of place you can afford. The Australian Securities and Investments Commission recommends beginning with a metro area in mind, then zooming in on a particular suburb where properties tend to be within your price range.
After you’ve completed that step, the next order of business is to find a mortgage broker who will help smooth the process along for you. This is where we come in. We have access to a wide-ranging network of Australian lenders and are eager to find the right finance for you. Contact the team at PPFWA now if you’d like to find out more.
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