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Tips For Moving From Renter To Homeowner

By Ben Faulks

If you've been living in one of the houses for rent in Belconnen and want to consider your options for moving into your own property, now could be the perfect time to make the jump and secure your own slice of the Belconnen real estate market.

With the cash rate resting at a historically low level, the current low interest rates could be perfect for anyone interested in taking out a home loan and investigating real estate in the region.

Here are some tips to help make the transition easier.

Saving for a deposit

This is often the hardest part of moving home, due to the fact that you have to continue paying rent at your current property while putting money aside for your deposit.

With most down payments on property being around 20 per cent of the purchase value, this could be a difficult scenario to pull off easily. However, it can be as simple as eliminating some of your creature comforts for the while in order to save money in the long run.

Search within your price range

Approaching a lender will allow you to get a good understanding of your borrowing capacity. This effectively helps you to understand how much they will be willing to lend you for your Belconnen real estate endeavours, allowing you to target markets within your price range.

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