How to get out of the rental market and into your own home

home ownership

There are many reasons why people rent a property, but many of them would at some stage like to buy and own their own home.

One of the main barriers to this is the deposit requirements. It can be difficult to save up the money needed for a budget as well as balance personal budgets to meet those goals.

Another road block preventing people from taking the leap into property ownership is not having the right information. Going off old or second-hand information from people who aren’t experts in the field can prevent you developing a plan. While advice from family and friends is well meaning, it’s not always accurate or helpful. If home ownership is something you’re considering, have you been given the right personal advice? Can you answer the questions below?

  • How much do you need to save to be in a position to buy?
  • What property price can you afford in regard to a deposit amount?
  • How much can you save each pay cycle?
  • Is it wiser to pay off your credit card and other debts first or should you put extra aside for a deposit?
  • Can you consolidate your existing debts or borrow now for a deposit?
  • How long would it take for you to save a deposit?
  • Are you eligible for government grants?
  • Are you eligible for a low-deposit lender to get into the market quicker?
  • Does it make a difference if you build a new home or buy established?

These are just some of the important questions you need to consider before deciding to move on from renting. Once you have the answers, they can form a strategy to get you into your own home before you know it.

The home loan specialists at Custom Financial Solutions can help you find these answers. A quick 10-minute phone call will ascertain your eligibility. Once this is done, you can decide if you’d like to meet to move forward.

We understand that thinking about home ownership can be a little overwhelming, but it’s up to you to take responsibility for your future. Everyone needs a little helping hand to get on the right track, though, and the team at Custom Financial Solutions is happy to guide you. Just call 9315 9343 to get started on the path to owning your own home.