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Are you wondering whether homeownership is possible for millennials? While Gen Y faces some challenges, they can succeed by planning for the future.
Has the Australian property bubble burst in 2017? Is the Great Australian Dream becoming a nightmare? With recent doomsday headlines like these, you could be forgiven for wondering if homeownership is possible for millennials.
But buying your first home can be a reality. Effective planning for the future – combined with our tips for millennial homeownership in Australia – is a great place to start.
Planning to buy your first home? We can help with everything from basic budgeting, to finding the right home loan and strategic planning for the future of your dreams. Get in touch.
1. Research First Home Owner Grants
Half of the millennials are ‘very concerned’ about housing affordability, according to recent CoreLogic data. So why not get a helping hand with your deposit?
First Home Owner Grants are available across Australia, ranging from $7,000 in the ACT to $26,000 in the Northern Territory, depending on your circumstances.
If you can’t afford a property in your dream location, try rentvesting. This enables you to purchase real estate in a cost-effective area, while you continue to rent somewhere more suited to your lifestyle, such as the inner city.
Many millennials are also turning to their parents for help. CoreLogic figures show 27 per cent who are still living at home are saving up for a deposit. Is this a short-term option for you?
3. Earn more money
Many budding homeowners get their foot on the property ladder by looking for a new job or taking on extra work – 38.4 per cent to be exact. The figure comes from Mortgage Choice’s latest survey into the sacrifices people make when saving for a home.
You could also ask for a raise in your current job. Our blog on foolproof tips for getting a raise is aimed at older workers, but there’s also plenty of useful advice in there for millennials.
Australian real estate millionaire Tim Gurner stirred up controversy when he recently suggested that millennials should stop buying avocado toast and pricey coffees if they want to buy homes. If only it were that easy!
Try talking to a professional financial adviser instead. They can develop a strategy tailored to your specific circumstances to ensure homeownership really is a millennials possibility.
Contact Invest Blue if you’d like more information on millennial home ownership or other financial advice to help you plan for the future.
What you need to know
This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
