Despite the Sydney and Melbourne property markets showing signs of cooling down, a lot of Australians are still struggling to see how they’re going to get their foot in the property door.
But don’t give up on the dream of home ownership just yet! While it can be tough to break into the market, there are some strategies that can help you get there faster.
- Ask your parents for help
You can get into the market faster by asking your parents or a family friend if they’re willing to act as a guarantor on your home loan.
Just keep in mind that if you go down this road that your parent’s assets will be liable should you not be able to make your repayments, so be sure that you can pay on time so you don’t cause any family issues.
- Pool money together with others
Who says you need to go on your property journey on your own? It’s becoming increasingly common for family and friends to get together and buy the home that they really want.
However, while you’ll be able to get a much better quality property by joining with others, you need to think long term and ask if you have an exit strategy in place should things not work out with your housemates.
- Find the ‘bridesmaid’ suburbs
If you can’t afford in the suburb you really want then take a look at its neighbours. You’ll often find that neighbouring suburbs will have similar lifestyles on offer, but it might not come with the same price tag. You often need to be quick to buy in these types of suburbs though, because when people realise that a bridesmaid suburb is offering the same as a popular suburb, minus the price tag, it doesn’t take too long before the prices start to catch up.
- Be strict on savings
The more money you can save, the better. The most sure-fire way to break into the market is to have enough funds to allow you to bid confidently on the home you want. Find creative ways to save, whether it’s moving back home, or forgoing that overseas holiday.