Why not become an owner instead of a renter?
Did you know that you can currently still receive the Government’s help in being handed some cash in your hot little hands to put towards your own little piece of bricks and mortar.
Not only are the Government still being reasonably generous with these handouts, but there’s more (just like the steak knives!) however, this will sort of end around the 31st of December 2009 so you have to be quick.
You can currently also receive a reduction in the Stamp Duties that you will have to pay and this will probably save you another $3000 odd, as well as the $10,500 or so for buying an established property, so when you add it all up, you should be thinking about this right now and how you can improve your life and growing your future!
What you need to do is start looking at what you are doing with your excess monies and how much you are spending on rent. If you are currently spending around $320 or more on rent a week which is around $16,640 per annum, you need to know that currently there are loans available that could see you paying back roughly the same on a loan repayment.
What you need to do is also think about the capital growth of the property at the same time, so for example,
If you are intending to rent for the next 5 years, you will be paying around $83,200 (that’s without any rent increases) and you won’t have any assets growing for you, but consider this - you are able to purchase the right property for around $320,000, we arrange the finance for you and you could be paying around $18,500 in repayments ( which is a tiny $1860 extra per year than the rent you are currently paying & will end up being less than your rent after the rental increases have been factored in) , but now consider the capital growth of the property which after 5 years would realistically grow to around $500,000 or more so you would end up with an extra $180,000 plus which will then be yours. How long would it take you to save this much?
Food for thought!
Posted: Wednesday, 4th November 2009 at 11:19 am
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