When a person is looking to purchase a home they need to get in touch with their finances. The site My Money House will help a person get their money in order so they can become homeowners and make sure they do not overpay for their loan.
The Australian home market is to see a boom due to the first-time home buyers. The number of first-time homebuyers is on the rise for most areas. The housing market in Victoria has increased by 33 percent over a year. This is the state where most people are deciding to purchase homes.
There have been some changes for first-time homebuyers that make it possible for them to purchase a home. The cost of rent is increasing and many find their mortgage payments to be lower than their rent payments. The prices of houses are still low. The homes are more affordable and people are putting less money out of pocket to get into their own home.
While the cost of housing is going down in most of the country the prices are still high in cities such as Sydney and Melbourne.
Out of the total Australian first time home buyers, they are using loans designed to help people get into the home. These loans require a lower down payment and there are easier credit qualifications. The first time home buyers make up 26 percent of the market. The number of people buying their first home has increased 33 percent within a year. The average home loan is around $319,000.
These buyers are making up around a quarter of the total market. While the rate is bouncing back after a steady decline. In 2013 the number of first time home buyers was at a low and was dropping years before that. Recently, the market is seeing an increase and more people are deciding to purchase their home.
The Reserve Bank is also helping people afford to purchase a home. They have lending rates at just 4.2 percent and a person can use less of their income to pay back their loan. A homeowner can put down as low as 1.5 percent of the price of the home for a down payment.
When a person is looking to see if they can afford a home they should visit My Money House. This site will allow them to see the first time homeowner programs that give information such as how to budget their money to make owning a home more than just a dream.
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