They say desperate times call for desperate measures, and perhaps that’s the situation Australian home ownership finds itself in.
Once a dream, fulfilled by most, it’s become a nightmare, unattainable for many.
In 1981, more than 60 per cent of young Australians aged between 25-34 owned a home. The latest census figures from 2016 show that had dropped to just 45 per cent.
The figures are far worse for the poorest 40 per cent of that age group, where ownership rates once barely lagged the general population, at 57 per cent, but have since more than halved to 28 per cent.
In fact, ownership rates have declined for every income quintile in all age groups under 65, but the biggest declines have been amongst those who are younger and poorer, especially those who can’t draw on the bank of mum and dad.
With interest rates at record lows and likely to stay below historical averages even as they start to rise over the next year or two, it’s not primarily the cost of repayments that have kept people from buying a home, it’s the up-front cost of the property, reflected in the deposit required.
For more than 20 years Onyx Finance has been providing solutions to borrower’s finance problems.
We have helped many first home owners achieve the dream of owning their own home with strategies that they had never considered.
We have now helped some of these clients to start creating wealth through their own investment property journey.
Call us today to arrange an obligation free chat, you’ve got nothing to lose and plenty to gain.
Have a great weekend.
Warm Regards,
| Greg CloughDip Fin Services (Fin/Mort Brk Mgt) +61 409 029 922 greg@onyx.net.au P.S. Before you go you may like to check out our testimonials at www.onyxfinance.com.au |