from the blog
🤔 Challenges That Face Australian First Home-Buyers
Omar Hamada, Content Manager
29 October 2021
When purchasing a home, the process is nerve-wracking for anyone, more so a first home-buyer. Then add home prices going higher each day and inventory selling before a “for sale” sign goes up; the process becomes even worse. The average age of a first home buyer in Australia is 36. Decades ago, a 36-year-old would already own a home, have a career, and have stability. Unfortunately, this is not the case for this particular group living in 2021. Today’s home-buyers face a new set of problems. Home-buyers ‘ biggest challenges are centered around money.
A 20% deposit is typically required upfront toward the property’s purchase price to qualify for mortgage financing. Many first home-buyers do not have this type of money at their disposal, so what option do they have? The most popular solutions involve cutting extra expenses or moving back home with parents to save money. For those looking for immediate gratification, these options take time and discipline.
Real estate in Australia is expensive but even more if looking to live in a popular area. The recommendation to utilize a buyer’s agent will save prospective buyers time and money. Some of home-buyers biggest challenges arise because they do not have up-to-date real estate information. The chosen agent is there to work in their client’s best interest. They can locate properties that the general public may not realize are listed and are within budget.
Another one of a home-buyers biggest challenges is securing financing for their desired property. First home buyers can easily get lost in a process that requires so much documentation. Factors such as credit score, job history, and income also play crucial roles in a lender choosing to finance someone. Thankfully, mortgage brokers are available to guide prospective first-time buyers through the process. Their job is to ensure that a client is qualified for a particular loan and gather all documentation needed for submission.
With the assistance of a buyer’s agent and a mortgage broker, first-time buyers may navigate the home buying process a little smoother. A home is one of the most important purchases someone will make in their lifetime, so taking it lightly is not an option. Work hard, cut unnecessary expenses, and save up enough to put a deposit on that dream home. Starting early will also be good practice for paying a mortgage every month. Soon enough, you’ll be able to look around you and utter the words, “Home, sweet home.”
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