How banks have delayed the home dream of the first buyer – realestate.com.au

The banks had the biggest word when an Ocean Grove home head went out of the rental cycle.

When she first started thinking about buying a house six years ago, Caitue said it was her salary that held her, not the possibility of saving a down payment.

But time changed everything for the digital product designer, who recently signed contracts to buy her first home, a unit in Ocean Grove.

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“I have kept an eye on it since Covid, but because of that process I realized that I was not really in a financial position to buy, mainly because of my salary,” Caitue said.

“The banks would not borrow me enough because of my salary.”

Caitue’s real estate trip was started again in June when she got tired of renting.

“I really wanted to live somewhere where I can make a house without having the carpet pulled under you at any time and having a say about your living space,” she said.

“Every year they put the rent on the maximum amount they can, so we are completely in the grill of the landlord.

“I really want to make a place of my house and make things beautiful and put my own creative touch over it.”

Caitue revealed her real estate trip because new data reveals that Geelong First-home buyers get their foot on the real estate ladder with less money than they needed for a cheap car.

New analysis shows that the 20 percent deposition is the preference of most banks now $ 104,000 for the typical home of the region.

Caitue bought Grove close to her community in Ocean and near the beach where she wants to surf. Photo: Alison Wynd

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But buyers who are willing to go to the cheapest places in the city and use the first home guarantee of the federal government can secure properties by only $ 20,000 in prior costs.

Caitue ultimately chose not to take a Government First-home guarantee and to buy her property on its own conditions.

“I didn’t want to do that at all. I just wanted to have my own property because it was simple,” she said.

Caitue said that she also wanted to buy more instead of buying as soon as the real estate market started again and Ocean Grove was checking many boxes.

“There are a couple of friends there and I can also be near the beach to surf every day.”

Buying a unit will enable caation to prevent your stamp rights from paying stamp rights, which is a stimulus of the government, while the Commonwealth Bank also offered a competitive loan that has not deducted its HECS debt, which would be paid off within five years, from its loan capacity.

That enabled her to borrow around $ 15,000 more than other banks, she said.

A unit around the 1950s fits in with the bill in her search for a house.

“I really wanted character, a little older and something that was a quality structure,” she said.