The strong media focus on rising interest can scare many away from looking at their options to purchase their own home thinking they won't be able to afford it. But there are so many more factors to be assessed when looking into your eligibility to buy a home.
We work with qualified mortgage brokers and a conversation with them is always worthwhile no matter what the interest rates are or what the news is reporting on housing prices. It is more important to assess your individual financial circumstances so you know exactly what your options are now and what you can do to plan for a future home purchase.
That's why the first step in our process is to have a qualified mortgage broker review your financial circumstances in line with your goals to set a manageable budget and timeline for you. Then we find the right home to suit you! Unlike traditional sales people who try and sign you up to a property purchase and leave your budget to you.
Generally as interest rates rise, the amount you can loan will reduce. This means you won't be able to spend as much on a property. However as interest rates rise, property values often settle and there is less competition in the market driving prices up. This can mean lower deposits are required on some properties and you can plan purchases with the support of government grants and schemes if you qualify for these as a first home buyer.
It is also widely reported that rents are rising dramatically and Australia is facing a rental crisis. So its never too early to talk to a qualified mortgage broker about your options and how you can plan to enter the property market. Once a qualified mortgage broker formulates a plan with you, we can go to work for you to source the right property for you, taking into account the right timeline and budget for you!
Get in touch with us today for a free chat about your options!
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