2020 could be your year to buy Property

If you’ve been thinking about purchasing your first property, 2020 might be the time to pounce.

Following a correction, many of the property markets across Australia have plateaued and are once again increasing in value. Corelogic statistics show, in January house price values in Sydney alone rose by 1.5 per cent, 6.7 per cent over the past quarter. The average increase across the nation’s capital cities in just the first month of the year was 1.1 per cent. This renewed growth may be attributed to a number of different factors.

The Government’s First Home Loan Deposit Scheme is helping more people to gain a foot hold on the property ladder. The scheme works by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as five per cent (lender’s criteria apply).

With the competition to lend money continues to heat up, helping to ensure lender interest rates remain low. Anecdotal evidence also points to an increased willingness from lenders to offer home loans to potential borrowers.

The market is on the up and fear of missing out is a real thing. This doesn’t need to be as it can be as easy as taking the first step towards your goal and set a person on the right path.

Contacting a mortgage broker early in your search is often a wise idea as it may allow the broker time to understand your circumstances and potentially help prepare you for a successful loan application when the time is right.