With the property market having slowed significantly there will never be a better time for renters to consider getting into their own home according to RE/MAX Western Australia Managing Director, Geoff Baldwin.
“Currently there are more homes available than at any time for the past 4 years which means that buyers are spoilt for choice and prices are much more competitive”, Mr Baldwin said.
“There is also the important consideration that interest rates are lower than they have been for many decades.
“A person paying $450 a week in rent could buy a similar property and be paying the same amount or even less even taking into account land and water rates.
“The biggest challenge for first home buyers right now is that of rounding up a deposit but it is worth sitting with a mortgage advisor to see what grants and subsidies are available and to establish exactly how much is needed up front to buy a home of their own.
“Often people are pleasantly surprised and find that they are closer to qualifying for a loan than what they thought.
“In recent weeks we’ve been providing a dedicated service to first home buyers where they can seek advice without pressure or obligation and we are finding that this service is becoming increasingly popular and is allowing prospective first home buyers to set short term goals to get into the property market.
“Property ownership has forever been a main catalyst to long term security and we should be doing everything possible to assist people to reach their goal of buying a first home”, Baldwin said.