One of the biggest financial challenges many people face today is buying their own home. With the average property price in Brisbane above $400,000, it is harder than it has been previously to get into the property market. 612 ABC Brisbane's independent financial analyst, Scott Francis, says that for those who still hang on to the Australian dream of home ownership, it may take a better planned effort to buy a home.
Strategies that you could consider include:
Buying a home as a rental property first, then using the rent from the tenant and the tax advantages of owning an investment property to start paying off the mortgage before you move in.
Making sure that you start saving as soon as you can with the goal of home ownership in mind - saving $20 a week in a bank account paying an average rate of interest from the age of 18 will see you accumulate $20,000 by the time you are 30.
Starting with a more basic house, a little further from the centre of town than you would really like, and trading up from there. (Remember: an average price is just that - an average price; half the homes will sell for more than that and half will sell for less.)
Living at home longer while you get ahead financially.
Renting (for a while) rather than buying - and saving the difference toward a house deposit.
There are more details on these strategies in Scott's article:
http://www.acleardirection.com.au/new_paths_to_home_ownership___eureka_report_article
You can listen to Scott every alternate Saturday on Weekends with Warren.
