{"id":5275,"date":"2023-06-22T09:03:18","date_gmt":"2023-06-21T23:03:18","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5275"},"modified":"2023-06-22T09:03:18","modified_gmt":"2023-06-21T23:03:18","slug":"homebuying-intentions-climb-as-aussies-untie-themselves-from-rental-crunch","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/homebuying-intentions-climb-as-aussies-untie-themselves-from-rental-crunch\/","title":{"rendered":"Homebuying intentions climb as Aussies untie themselves from rental crunch"},"content":{"rendered":"
Despite a flurry of rate rises, new data this month shows homeownership is once again a top priority for many Australians, with the number of house hunters increasing.<\/p>\n Commonwealth Bank\u2019s Household Spending Intentions Index showed a strong\u00a014.4% increase in homebuying intentions in May<\/a>, after dropping in April.<\/p>\n May also saw\u00a0new home sales increase across Australia<\/a>\u00a0for the second month in a row.<\/p>\n So what\u2019s driving this appetite for property when finances are increasingly tight for many? And how can you boost your own chances of cracking the market sooner?<\/p>\n Across capital cities and major regional areas, there have been historic rental price increases and low vacancies.<\/p>\n Rental\u00a0vacancies reached an all-time low of 1.1% in April<\/a>, with the median price for\u00a0renting a unit only $39 a week cheaper<\/a>\u00a0than renting a house.<\/p>\n Rising overseas migration has contributed to stiff competition in the rental space too \u2013 in the March quarter there was a\u00a0124% jump in rental enquiries year-on-year<\/a>\u00a0from one overseas country alone.<\/p>\n Understandably, many are looking to escape renting and grab their spot on the property market.<\/p>\n But with rate hikes and inflation, saving a deposit is no easy feat for many Australians.<\/p>\n So here are some ways to take the pressure off.<\/p>\n There are many government schemes and grants designed to help you get into the market. And all can be used simultaneously, which can really bring in the savings!<\/p>\n Through the\u00a0National Housing Finance and Investment Corporation<\/a>, the federal government has three low deposit, no lenders mortgage insurance (LMI) schemes available for eligible first-home buyers, regional first-home buyers and single parents.<\/p>\n The\u00a0First Home Guarantee<\/a>\u00a0and\u00a0Regional First Home Guarantee<\/a>\u00a0support eligible buyers to purchase a home with a 5% deposit. And the\u00a0Family Home Guarantee<\/a>\u00a0assists eligible single parents to buy with a 2% deposit.<\/p>\n Not paying LMI can save you anywhere between $4,000 and $35,000 \u2013 depending on the property price and your deposit amount \u2013 which can fast-track your first home-buying goal by four to five years.<\/p>\n Another home-buying cost that can have a real sting in its tail is stamp duty.<\/p>\n Fortunately for first-home buyers though, state governments have stamp duty concessions available \u2013 including South Australia, which\u00a0announced last week<\/a>\u00a0that it was scrapping the tax for first-home buyers on new homes valued up to $650,000.<\/p>\n Meanwhile,\u00a0Victoria<\/a>,\u00a0New South Wales<\/a>,\u00a0Queensland<\/a>,\u00a0Western Australia<\/a>,\u00a0Tasmania<\/a>, the\u00a0ACT<\/a>, and the\u00a0Northern Territory<\/a>\u00a0also offer stamp duty concessions. This can either eliminate or reduce the cost of stamp duty, if eligible.<\/p>\n Most state governments also offer first homeowner grants to help you get the keys to your own home.<\/p>\n Victoria<\/a>,\u00a0New South Wales<\/a>,\u00a0Queensland<\/a>,\u00a0Western Australia<\/a>,\u00a0Tasmania<\/a>,\u00a0Northern Territory<\/a>, and\u00a0South Australia<\/a>\u00a0all offer first homeowner grants.<\/p>\n If eligible, you could receive a grant of between $10,000 and $30,000 depending on your state and other eligibility criteria.<\/p>\n It\u2019s important to note that spots for some of these schemes, such as the federal government\u2019s first home guarantee, are limited.<\/p>\n And they\u2019re popular, so it\u2019s best to get in quick.<\/p>\n So if you\u2019d like to kick renting to the curb, get in touch with us today.<\/p>\n We\u2019ll help you work out your borrowing power, your loan options, and factor in what schemes you may be eligible for.<\/p>\n Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":" Despite the soaring cost of living and successive interest rate hikes, homebuying intentions have climbed, latest data shows. So why are so many people still chasing the great Australian dream? And what can you do to make your own dream a reality? Despite a flurry of rate rises, new data this month shows homeownership is […]<\/p>\n","protected":false},"author":23,"featured_media":5276,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5275","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nDespite the soaring cost of living and successive interest rate hikes, homebuying intentions have climbed, latest data shows. So why are so many people still chasing the great Australian dream? And what can you do to make your own dream a reality?<\/strong><\/p>\n
Rental squeeze<\/h3>\n
Schemes and grants to save time and money<\/h3>\n
Give us a call<\/h3>\n