A home of one’s own

Are you flying solo and starting to think that buying a property will never be possible?

Of course, just as if you were a couple, your borrowing capacity will depend on your income and commitments but it is possible.

There are some differences as a single person will probably have different requirements of a property than a couple would. So consider: are you looking for a residential or investment property? What kind of deposit are you considering? Do you have dependents?

You may also need to take extra precautions without a second income to fall back on. There are insurance products, like mortgage protection insurance, that may provide some extra confidence that you’ll be able to continue to make repayments in cases of job loss, illness or accidents that disrupt income.

An option for people buying a property on their own is to consider purchasing, or building, outside metropolitan areas in order to lower costs. When deciding whether such a purchase would be owner-occupied or an investment, you need to weigh up relocation or commuting costs, as well as any income losses associated with moving away from a city, against benefits available to first-home buyers who plan to live in their properties.

An Accredited Finance Broker has industry expertise to help you find a property that matches your lifestyle and income. Give us a call at 08 8211 7180 or you may also reach us at info@centramoney.com.au. Get in touch with us to find out how we can help you reach your financial goals.

Centra Money - Loan Brokers and Finance Advisers
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