Why Delaying Purchasing a Sydney Property is the Worst Financial Decision One Can Make
Sydney property prices are starting to rise. Waiting to purchase a home there can result in prices rising too high and becoming unaffordable. In addition, interest rates are currently at their lowest in recent years. Waiting could result in higher interest rates, which could cost you thousands of dollars in added interest over your 20 or 30 year mortgage.
Consequences of Waiting to Purchase a Sydney Home
COVID has caused the Australian housing market to slow. However, as the country begins to recover, the demand for houses, especially in Sydney, will begin to increase. With interest rates at a record low and demand for houses being low also, waiting to purchase a home could cause you to pay thousands of dollars more in interest and won’t allow your property to increase in value, meaning you miss out on your home’s equity.
In addition, waiting to buy a home in Sydney could make the home you want unaffordable. Most lenders require a 20% deposit on home loans in order to keep you from paying lenders mortgage insurance, and as property prices begin to rise, a 20% deposit could quickly become impossible to save for.
With record low interest rates and rising property prices, now is the time to buy a home in Sydney. If you are interested in buying a home in this highly sought-after area, it is essential for you to contact the experts at Mortgage House today. We make the lending process simple, allowing us to fast-track your home loan application, so we can find the perfect home loan solution for you.