Aussie’s John Symond believes that now is the best time to purchase your first home.
According to Aussie Home Loans executive chairman, higher levels of savings, increasing rents, stable interest rates, a softer housing market have created a great opportunity for first home buyers to make their purchase.
If you are considering making a purchase – it is very much a buyers market.
The property market has slowed down this year. Vendors who are keen to sell their property will be willing to negotiate and this creates an opportunity for instant property equity.
While residential rents are continuing to increase, there are opportunities for buyers with a deposit to find a property which they can afford.
“It is worth investigating the options of buying a home versus paying rent to a landlord as potential buyers may be pleasantly surprised.”
Mr Symond said Australians have taken on board the RBA warning about taking on too much debt and have begun to save – which means many prospective buyers have managed to saved up a reasonable deposit.
Lenders are showing some tendency towards relaxing their lending criteria and lifting their LVRs (loan to value ratio) to higher levels, meaning home buyers can qualify for a home loan even with a smaller deposit than was possible straight after the GFC.