Staying in our own home is a dream of everybody. People dream of owning home, but not everybody is able to afford that. For this reason all the nationalized and private banks offer home loans Sydney. These loans are specifically given to those people who want to have their own home.
A few years ago, the RBA released a paper announcing the percentage of property growth required on a regular basis for home loans Macarthur to make property buying to be more beneficial than renting. The paper mentions that house prices across Australia have increased by 2.4 per cent, taking into consideration ownership and inflation costs, over the past six decades. It claims that if prices rise 2.9% every year moving forward, taking a home loan and purchasing will beat hiring over a period of 8 or more years of ownership.
The Rent Vs The Home Loan Debate
The paper has sparked enough debate regarding which option leaves you with a higher income. There are different opinions and it mainly depends on location and lifestyle. Realistically, most of the suburbs in Sydney and Melbourne have grown more than the 2.9 per cent projection.
The paper has sparked enough debate regarding which option leaves you with a higher income. There are different opinions and it mainly depends on location and lifestyle. Realistically, most of the suburbs in Sydney and Melbourne have grown more than the 2.9 per cent projection.
The result?
The RBA acknowledged there were restrictions in the paper, like non-financial benefits to having your own home, including security of tenure, pride of ownership and freedom to refurbish. It’s an argument that’s ongoing and will vary from person to person, as it all comes down to unique priorities, how soon you want to buy, where you want to live and how you want to live. So, if you feel this is the right time to venture into the property market and look for home loans Sydney, then your first step would be to contact a mortgage broker, who can guide you through the procedure of applying for a mortgage.
