Could Your Rent Payment Be Going Towards A Mortgage?
The end of the year is as good a time as any to have a good look at your finances.
Could your rent payments be better spent paying off a mortgage? By using an online loan calculator, you can work out how much you might be able to borrow to purchase a house.
It may well be that repayments to service a home loan are similar to your current rental lease agreement.
Further concessions for first property buyers and builders are also available, like reduced stamp duty taxes and government grants, both of which can take thousands of dollars of the cost of owning property.
Renting comes with its own benefits - flexibility and the ability to relocate at will being some of them.
However, the idea of helping someone else pay off their mortgage might make buying your own home more and more attractive.
And if you think of home loan repayments as rent payments in disguise, the difference in your lifestyle might not be too different - except for a few bonuses.
What are those bonuses? Only owning your own place and building your wealth in one of the most stable assets around - property.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.