There are many advantages to renting in Australia, especially when you're young. The freedom to pack up and move with relatively little stress is something that can be liberating and comforting to know.
Rather than being tied down with a mortgage and a specific location, you're free to roam and do as you please.
Yet, there are a variety of benefits to taking out a home loan and grabbing yourself a slice of Australia's real estate market.
For example, the stability that comes with owning your own home can be fantastic. No longer do you have to worry about a landlord increasing your rent or, in the worst case scenario, kicking you out and selling the property!
Furthermore, owning property is a brilliant way to invest in your future. While renting can provide you with the same tangible comforts of a house, owning your own property opens up a world of financial possibilities.
You're literally living in your biggest asset. As you continue to make home loan repayments, you can get the opportunity to use your property to your advantage, as your equity builds up and becomes a source of further stability.
Finally, having your own home means that any payments you make are going towards paying off your own home loan. When you're renting, your weekly rent is most likely going towards paying off someone else's loan.
If you're keen to take out your first home loan, what better time than now to begin saving towards a deposit on a home?
Getting in contact with a home loan professional will help you to get on your way and begin climbing up that property ladder!
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!
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.