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Owning a home, it's the great Australian dream. Generations of Aussies have shared this same desire to buy their own property and many have successfully achieved it.
However, amid ever-increasing property prices, record-high rental rates and the rising cost of living, this dream is beginning to feel out of reach.
For many hard-working Australians, it simply feels impossible to save the necessary deposit whilst renting which may keep them trapped within the rental cycle forever.
Yet there are pathways towards home ownership that don't require you to have a large deposit or savings behind you.
Intrigued? We don't blame you. Let's take a look at how you could wave goodbye to renting and be in your own home sooner than you think.
Instead of solely focusing on saving a deposit, it is important to look at your financial health overall. Buying a home with low deposit is possible, but not if your financial position is poor.
Before applying for a home loan, it is wise to inquire about your credit rating and if it is less than impressive, work on improving this as quickly as you can.
Things like unpaid debts and too many credit cards can really damage your credit score and see you immediately declined by lenders.
Having multiple credit cards, even with zero balances, works against you when applying for a home loan.
These spending limits are all combined and seen as potential debt or risk, so it is wise to reduce your limits or do away with extra cards where possible.
Additionally, should you have debts, it is better to pay these down on time and as quickly as possible instead of stashing money in savings.
Why? You'll accrue interest on top of your repayments and end up paying more. Plus even one bill paid more than 30 days late can see your credit rating plummet.
While many of the big banks are unwilling to offer no-deposit loans, other lenders can be more open to them.
Working with a financial expert, such as an accredited mortgage broker, can help you find a no-deposit or low-deposit loan that suits your circumstances.
This could look like a guarantor loan where a family member uses their property as security for your loan, or it might involve the use of available government grants as a deposit.
If you're struggling to navigate the process and it feels entirely too overwhelming, working with a specialist in this area is ideal.
Home-buying experts, such as the dedicated consultants at Stop Renting Perth, work exclusively with renters seeking to enter the property market.
These types of specialists can do it all. This includes:
Acting as a single point of contact, you can quickly and easily discover whether you're in a position to buy and start the process immediately.
If you're tired of renting and feeling like there's no way out, we're here to tell you there is hope. Even with no savings or deposit it is possible to say farewell to renting forever.
With some healthy financial habits and the support of an expert in home buying, you could be living in your very own, newly built home in record time. Are you ready to take the leap?