Currently renting?

  • Everyone started somewhere
  • You could become a landlord now
  • Buying property is easy
  • Buy to live in
  • Invest whilst you rent
  • Low cost options available
  • Start wealth creation now
  • Its time-in, not timing
  • Hardest thing is getting started
  • Enquire to know your options

If you are currently renting and think you can never become a property owner, think again. Thousands of people just like you have either purchased their own property, or purchased an investment property, and they were most likely in the same financial position as you.

How many times have you heard it before? A friend or family member who bought a house years ago for a price you would consider unbelievable today. It's never too late, or too soon to enter the property market.

You just need to know the options available to you, including understanding what assistance schemes are there for you. Make sure you contact us to see how you can plan and move from renting to living in your own home or investing in a property.

There are a number of property purchase options available to you.

Option 1 - Purchasing a home to live in

It's not difficult to escape the so called 'Rent Trap' and there are loans designed and available to assist you to purchase a property.

If you have a job, steady earnings, and have some money available for a deposit (or access to a deposit sum of money), then you are well positioned to get a loan. If you don't have 20% of the value of the property as a deposit, don't worry, the lender can still arrange for finance with a much smaller deposit by arranging Lenders Mortgage Insurance (LMI).

There is also assistance from your State Government in terms of the First Home Owners Grant (FHOG) that provides you with a tax free cash payment to help toward the purchase of a property.

Option 2 - Buy an investment property whilst you rent

One of the best ways for you to enter the property market whilst renting is to buy an affordable investment property. This option allows you to live where you want to live (for work or lifestyle reasons) whilst you rent and build up equity and receive rental income from your investment property(s) until you are ready to purchase a home you wish to live in.

With the rental income of your investment property taken into account, you might be very surprised as to how little you have to pay each month to own an investment property, and in you could even be 'positively geared' meaning you make a profit every month on the property.

You can purchase an affordable investment property anywhere in Australia. Sensible buying, taxation benefits and the right type of loan when buying an investment property are some of things you should get good advice on.

Option 3 - Purchasing a home with others

Another way for you to enter the property market is to consider purchasing a property with other people. This is known as Tenants in Common. You could purchase a property with friends or family members and therefore share the mortgage and all other set-up and ongoing costs between you.

At a later stage you could then sell the property and share any capital gain to then purchase a property by yourself. There are legally binding agreements especially designed to protect you when purchasing property with others, and which cover the possible scenarios common to tenants in common.

To explore your loan options further and commence your journey to home ownership, call or enquire with a Time Finance Mortgage Broker to help you get started.

Contact a Time Finance Mortgage Broker to see how we can help you get a loan to buy your first property.

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FAQs
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Depends on the size of your deposit, the value of the property, and your servicing capacity (based on your income and how much you are able to repay).

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Most mortgage lenders will require a deposit of 20% or more of the property price. Less may be required however will require mortgage guarantee insurance in most cases

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Depends on the type of loan, intrerestr rate, payment term, and whether you pay monthly or fortnighly. Use us mortgage calculators to guide you.

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Every state is different and may depend on the value, whether you are building or buying an established home. Read more in our FHOG article

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It is a rate that includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure that lets you compare loans from differengt lenders on a fair comparison.

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This 'in principle approval' is usually valid for 3 months. Gives you the confidence on how much you can borrow before your purchase a property.

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The cost of Stamp Duty varies between States and Territories. Subject to your personal loan circumstances, the cost of stamp duty can be included in the loan amount you borrow.

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Always remember that the future comes one day at a time

Dean Acheson

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