The property market is undergoing a massive shift. Lots of people are fleeing urban centers due to high rents and reduced incentives. Now that most white collar workers can do their jobs remotely, there is no reason to stay in overpriced apartments close to the office. They can rent farther away. Those with cash to spare can even take this opportunity to purchase their own home while prices and interest rates are relatively low. Getting affordable Australian home loans is possible if you can demonstrate financial stability and responsibility. Just make sure that you take note of the following:
Location
Look for neighborhoods that are highly livable outside of the big cities. Suburbs offer a good compromise between price and accessibility. No one knows what will happen in the future. When the pandemic goes away, you will still benefit from being close to offices, schools, hospitals, restaurants, shops, and so on. However, you will be in a less populated area with a larger piece of land to call your own instead of cramming into a medium or high-rise building with a small unit that costs a fortune. Others might want to leave the city life completely and relocate to a farm.
Size
After the location, the size of the house is the biggest determinant of the price. Think about your plans in life and your likely length of stay in your chosen neighborhood. If you plan to set roots and raise a family, then you could get a house with multiple rooms and a big backyard. If you are focused on your career and may relocate in the future, then a smaller house would make more sense for ease of upkeep and lower cost. Given the uncertainty in the economy, it’s best to stay conservative in your purchase, especially when it’s a house.
Lender
Australian home loans differ greatly from one lender to the next. Some are easier to get an approval from than others. Some offer lower interest rates and accept smaller down payments. Always shop around before getting a loan as the first offer might not be the best you can get. Ask around for feedback on the lender from former borrowers because the quality of the service is hard to gauge unless you have completed the whole process. Do they disburse the money quickly? You are likely to run into hurdles and end up shelling out more cash out of pocket?
