Buying A Home
Owning a home is a cultural icon in Australia. Approximately 70% of Australians own their own home (with or without a mortgage). A free-standing house on its own block of land is the preferred type of dwelling. However, home-ownership is becoming a dream of the past. Young people are struggling to get into the extremely expensive property market, Adding to this, many newly constructed houses are getting bigger in floor space – and thus less affordable. In 2009-10, the Australian Bureau of Statistics estimated that 33% of home-owners owned their house outright (did not have a mortgage), 36% of home-owners had a mortgage, 24% were renting from a landlord, and 4% were renting from the government (assisted housing).
Finding A Home
Finding the perfect home depends on your investment needs and lifestyle, but the choice of area is crucial.
Purchase Process
Buying a home in Australia may be quite different to the process for purchasing propetry in your home country.
Additional Costs
Unfortunately, the price you pay for your home is not the only cost involved. Plan ahead to save from unexpected charges.
Home Loan/Mortgage
The home loan (mortgage) market can be confusing with so many lenders offering all different types of home loans.
First Home Owners Grant
To encourage first home-owners the Australian government provides a cash incentive for people who qualify.
Building A House
Building a new house can be the best or hardest thing you will ever do, so make sure you are prepared for the time and investment.