As if surviving Coronavirus was not enough, now we’re stressed about whether we’ll make it through the financial crisis it left the entire globe in. With industries such as hospitality and tourism being hit the hardest, it makes one wonder which sector is still considered a secure investment.
According to one of the country’s leading brokers, Zippy Financial Group, property is your saving grace. Despite the challenges property owners and landlord’s went through last year, 2021 seems to be a good year to climb the property ladder. Mortgage deals are the most competitive in over 3 decades.
“Landlords who were paying over 4% for their investment home loans this time last year, may now be eligible to apply for an investment mortgage at approximately 2%,” said Zippy Financial Group’s Principal Broker, Louisa Sanghera.
Essentially what this means is that this time last year, your borrowing power may have been $600,000. Now with interest rates so much lower, it could have jumped to $700,000.
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What’s more is this is not only beneficial to potential investors, but to end-users as well. New research shows that buying your home may cost you less than renting. The research, released by Aussie Home Loans and CoreLogic, reveals that many Aussies would be better off making home loan repayments than paying a landlord.
The Buy vs Rent Report has analysed suburbs across Australia where mortgage repayments are cheaper than rental payments, and it found that over half (52.2 per cent) of Australian suburbs would be cheaper for homeowners than for renters.
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There are also a number of other grants, schemes and incentives to help buyers get into the property market, including the First Home Owners Grant (FHOG); Home Builder, which provides owner-occupiers with a grant of $50,000 to build a new home or substantially renovate an existing one; the first home super saver scheme, designed to help you save more money for your deposit; and there are also a number of first-home buyer discounts and concessions off your stamp duty.
You can contact the Zippy Financial Group at 1300 855 022 or email@example.com for any financial assistance.