What Is the Best Age to Buy a Home?
The Australian government continually conducts studies to understand how the population is living. One study found that Australians are waiting to become homeowners until age 31 to 33. Independent studies have found that the average first-time homebuyer age in Australia is 36.
It makes sense that individuals continue putting off homeownership. It takes them longer to save the 20% down payment, build a credit history and career.
The best age to buy a home is young. An individual can become a homeowner at 22, but the risk of not having enough life lessons under their belt. They can wait until 30, but the individual often has more responsibilities on their table.
In addition, Australians wait until the age of 32 to marry. This means that they also push off expanding their families. Marriage and having children count as significant financial commitments. Even though these occur at later ages, it doesn’t mean that Australians skip obtaining other responsibilities.
Credit card and student loan debt are two financial obligations Australians have too. The older the individual, the more debt they incur.
A person who aims to become a homeowner by the age of 25 has fewer commitments. Even though they have fewer savings, the Australian government offers grants and incentives to cut through the red tape.
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Best Age to Buy a Home Conclusion
The best age to buy a home is younger. It’s more about the responsibilities as opposed to the number. When a home buyer has fewer financial commitments, it’s easier to qualify for a home loan. Contact the loan specialists at Mortgage House to obtain additional information and start the mortgage process.