Is 2020 your year to buy property?

Is 2020 your year to buy property?

Have you been thinking about purchasing your first property?

2020 might be the time for you.

Many property markets across Australia appear to have plateaued and are now once again increasing in value. This renewed growth may be attributed to a variety of factors.

The Reserve Bank has once again left rates on hold at a record low 0.75 per cent, and the central bank is widely expected to reduce the rate further to 0.5 per cent in the coming months.

Meanwhile, competition to lend money continues to heat up, helping to ensure lender interest rates remain low, and evidence points to an increased willingness from lenders to offer home loans to potential borrowers. In addition, the Government’s First Home Loan Deposit Scheme is helping more people to gain a foot hold on the property ladder. The scheme works by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as five per cent (lender's criteria apply).

So, the market is on the up and fear of missing out is a real thing, however, it doesn’t need to be. Sometimes taking the first step towards a goal is enough to settle those concerns and set a person on the right path.

Contacting a mortgage broker early in your search is often a wise idea as it allows the broker time to understand your circumstances and potentially help prepare you for a successful loan application when the time is right.