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Gen ‘Ys’ can achieve home ownership!

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For those born between the years of 1982 and 2000 you are affectionately known as a “Generation Y’.

  • You have made Facebook and Twitter household names.
  • You can text with more than one finger.
  • You will listen to the opinions of your peers, more about more than that of your parents.
  • You want to be understood, accepted, respected and included.

‘Generation Y’ teens have seen their parents achieve home and car ownership through hard work and commitment and they are more likely to borrow to fund their lifestyle, than to save. In contrast, ‘Gen Y’ is coming into the market with stricter lending policies, and will find that they need to save in order to achieve property ownership.

But you can do it!

Here are some tips for getting ready to buy a home:

  • Save, save, save. Regardless how much, put a little aside each week/month, it all helps.
  • Set your goals. Write down your financial goals for next year, five years and ten years.
  • Ask for advice. If you have access to your parents’ Finance Broker, arrange a time to have a chat and find out about fees, costs, repayments, borrowing criteria and a savings plan.
  • Do your research. The internet is your friend. Use it. A great website is realestate.com.au. Lots of useful property information.
  • Buddy up. It is becoming more common for friends to buy a home together.
  • Consider your options and don’t rush into home ownership without getting your facts first.

The Australian Government has made available a First Home Owners Grant. It is currently $10,000 for those buying or building a new home. The stamp duty will best place to buy clonazepam online also be waived if you buy a house for less than $430,000. This is a great saving, but don’t rely solely on this. Most lenders will require a 5% genuine savings deposit over and above this grant. The more you can save, the more equity you will have.

There is always a Plan B!

Keep your parents on side. If you are having difficulty in saving for your deposit, you could always borrow with the help of a guarantor. This would mean using your parents’ home as collateral security. Once your new home has increased in value, or you have managed to reduce the debt, you can apply to the lender to have the guarantee removed. This will release your parents’ property.

There are a number of savings schemes being run by lenders and the Government. Find out which program would suit you and start saving. It takes hard work, commitment and a good Finance Broker to get you into your first home.

If you would like more information on how to take that first step, contact the Team @ Diversifi on 1300 559 949 or enquiry@diversifi.com.au.

 

While we have taken all reasonable care in producing the information contained in this article, we do not promise that it contains all the information you need to answer all your questions. This document is for information purposes only, and must not be relied upon as a substitute for professional services or legal advice. Diversifi Pty Ltd does not guarantee the accuracy of information provided by third parties linked to this site.

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