Renting property is something that most Australians will go undertake at least once in their lives. And there are a number of benefits to this type of accommodation, especially for those looking for mid-term temporary lodgings, such as students or mining professionals.

However, taking out a home loan and purchasing your own home should also be something you take into consideration.

For example, there is a degree of stability that comes with owning your own piece of real estate somewhere. Knowing that you have somewhere to return to and call home can be comforting and warming, especially if you have a young family to look out for.

Furthermore, the freedom to modify the building without having to worry about a landlord is a great little perk. Imagine being able to hang pictures, or make small (or huge) renovations to your home as soon as inspiration strikes!

Paying a mortgage rather than rent can be more fulfilling in the long run, too. While paying rent, you have nothing to show for all your hard work. However, paying off a property means that at the end of your home loan repayments, you will own your house for good. This could be a far better investment for your future than simply sinking money into someone else's pocket.

Finally, securing your very own property gives you one of the biggest assets you will ever own in your life. While you're making regular repayments, the equity in your home will be growing,  which you can then access later in life.

This can then be used for your own goals, whether taking a vacation, purchasing a new car or investing in more property to aid your wealth accumulation.

You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we'll call you!

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.