{"id":42119,"date":"2023-01-29T10:30:55","date_gmt":"2023-01-28T21:30:55","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42119"},"modified":"2023-01-29T10:30:55","modified_gmt":"2023-01-28T21:30:55","slug":"young-australians-look-to-buy-property-with-friends","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/young-australians-look-to-buy-property-with-friends\/","title":{"rendered":"Young Australians look to buy property with friends"},"content":{"rendered":"

PHOTO: First home buyers are thinking ‘outside of the square’. FILE<\/strong><\/p>\n

New research by\u00a0NAB\u00a0has revealed 40% of young Australians are considering buying a property with someone who is not a romantic partner.<\/p>\n

The major bank\u2019s survey of Aussies aged 18 to 29 showed that buying with another person, such as a friend, was at the top of the list when it comes getting a start in the property market, followed by dropping their price range. One in three said they would buy and rent the property out initially, while 20% were willing to move into a share house.<\/p>\n

NAB executive, home ownership Andy Kerr said younger people were getting creative when it came to making their property dreams come true.<\/p>\n

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NSW first-home buyers scheme revealed | WATCH<\/a><\/h2>\n<\/header>\n<\/div>\n

\u201cYounger Australians aren\u2019t letting meeting a partner or getting married later in life hold them back from owning a home now,\u201d Kerr said.<\/p>\n

\u201cPeople are definitely looking at their options and casting the net wider when thinking about who they could buy with. Rentvesting \u2013 purchasing in one location and then renting in another \u2013 is another trend that is creeping up in popularity.\u201d<\/p>\n

The\u00a0NAB research\u00a0showed that 41% of those surveyed said the biggest compromise they were willing to make was the amount they\u2019re willing to spend on the property, while 31% said they would trade off the size of the land, and 28% would give up their preferred location. One in 10 said they weren\u2019t willing to budge at all on their wish list.<\/p>\n

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Should first-home buyers wait for property prices to drop? | WATCH<\/a><\/h2>\n<\/header>\n<\/div>\n

Kerr said the latest NAB data showed that first home buyers weren\u2019t being deterred from entering the property market despite the market softening overall and rising cost-of-living.<\/p>\n

\u201cBuyers are just thinking outside of the box to make it happen,\u201d he said.<\/p>\n

Kerr said regardless of who you were buying with, it was important that all parties talked about how they would jointly save for a deposit, agree on the property and meet ongoing costs.<\/p>\n

\u201cAs buying a home is the biggest purchase most of us will make, it\u2019s also worth considering getting a solicitor involved for additional comfort,\u201d he said.<\/p>\n

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First-home buyers withdrawing superannuation to qualify for First Home Loan Deposit Scheme<\/a><\/h2>\n<\/header>\n<\/div>\n

\u201cFrom our perspective, we can give confidence around getting a fast home loan approval. Around 50% of eligible NAB customers can now get a decision within 24 hours thanks to our simple home loans process. Around 30% of those are getting unconditional approval within an hour and some within 15 minutes \u2013 that\u2019s faster than getting your internet set up in the new home.\u201d<\/p>\n

On Friday, RateCity.com.au revealed a\u00a0ninth RBA OCR hike was a near certainty\u00a0on February 7\u00a0 as inflation reached 7.8% on Wednesday, its highest point in 33 years.<\/p>\n

RateCity.com.au research director Sally Tindall said Australia had a serious inflation problem and it was not going away without a fight.<\/p>\n

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This is how much money the government is giving first-home buyers to buy or build new, state by state<\/a><\/h2>\n<\/header>\n<\/div>\n

\u201cWith annual inflation now sitting at 7.8%, the\u00a0RBA\u00a0has little choice but to serve Australians with yet another cash rate hike,\u201d Tindall said.<\/p>\n

\u201cAnother 0.25 percentage point increase would mean the average borrower with a $500,000 debt before the hikes started in May last year could be looking at a total increase in their monthly repayments of $908 more a month.\u201d<\/p>\n

Chris Foster-Ramsay, Foster Ramsay Finance director said\u00a0first-home buyers<\/a> looking to get a loan or refinancing should put their finances in order\u00a0before making a career change.<\/p>\n

\u201cIt would be unwise to be looking for finance approval or to buy and purchase a home if you\u2019re changing job roles in one way or another,\u201d Foster-Ramsay said.<\/p>\n

\u201cMost majors (with the exception of\u00a0ANZ) will take two to three pay cycles and an employment contract, ANZ still requires three months of salary credits. Where it becomes more of an issue is if your borrowing capacity is right at the top of the tree.\u201d<\/p>\n

READ MORE VIA BROKER NEWS<\/a><\/p>\n

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