In an increasingly competitive real estate market, where prices are substantial and there is limited availability on the market in Redlands, many young people are finding it daunting to step onto the property ladder.
One of the key factors that helps young people get a foot in the door is knowledge. That knowledge can be obtained from a good broker.
Recognising that every individual’s circumstances are unique, brokers can work to identify and present the most suitable mortgage solutions, taking into account factors such as income, credit history and future financial goals.
Finance Code owner Sachin Nair said the biggest barrier for most young buyers was having an adequate deposit.
“My essential advice to anyone looking at entering the market would be knowing about the options that are available to them,” he said.
“Everyone’s situation is different and there’s so many variables to consider.
“We all love Google but there is a thin line between accurate and inaccurate advice, not to mention various lenders with different prerequisites, exclusions and offers.”
Let’s have look at the perspective of two young buyers. Hannah Dawson, 28, said she spent a few months researching the market before finding a suitable property.
“When I did, I ensured I had a pre-approval ready to go, knowing what building and pest companies were in the area and having a conveyancer ready to receive the contract for sale,” she said.
Chase and Jessica (pictured) said they made the decision to buy due to increases in rent.
“We would have liked to purchase something bigger but due to the demand on the housing market, people were purchasing homes way above market price,” they said.
“We had to purchase something smaller and further away from the city.”