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Highlights
- AffordAssist, with its effective solution, helps the first-time Austrian buyers design their fast-track for purchasing their first home.
- The low-interest rate has fuelled property prices, worsening housing affordability.
- AffordAssist can connect buyers with a range of its property partners to facilitate the property search.
The Australian property market continues to grow exponentially, resilient against the pandemic and other market downturns. However, the growth has been typically driven by the low-interest rate scenario, as many buyers experienced the fear of missing out.
While the FOMO effect might serve many sellers well, housing affordability has emerged as one of the grave concerns in Australia, witnessing more and more buyers competing for a property. In this regard, capital cities remained ahead of the curve and witnessed smashing sales records in the past couple of months.
ALSO READ: What makes AffordAssist’s deposit solution ideal for homebuyers
In the current red hot property market, significant rent hikes have been adding an insult to the injury for the first home buyers struggling to enter into the Australian property market. Let us look at the recent rent hike scenario and how AffordAssist is offering in the current situation.
RELATED ARTICLE: Break away from the Rent Trap with AffordAssist’s solution
A lens through rent hikes in Australia
The recent data released by CoreLogic highlights that despite lockdown, both house and rent prices have increased dramatically. Rent has witnessed the most significant hike since 2008, witnessing a hike of more than 8% over the 12 months ending August. On the other hand, income has not been able to match the pace of dwelling prices.
Many predict that Australian potential first home buyers could continue to struggle amidst the exponential rise in rent, pushing them towards financial stress and other struggles.
RELATED ARTICLE: How AffordAssist is making life easy for first-home buyers
AffordAssist lifting the financial roadblock
In the current scenario, fast-tracking one’s entry into the property market seems like an ideal solution to dodge the rent hikes. However, saving for the property seems like a daunting task, especially in the high rental setting.
Typical 10% cash deposit required by the one selling the property is replaced by AffordAssist with a proprietary Deferred Deposit Agreement (DDA). This may be used for all or part-of the deposit and includes a no-interest payment plan.
One can buy from as little as A$5,000 cash deposit. To discover how affordable your first home could be and to create a personal scenario, click Here
AffordAssist is an affordable housing program particularly focused on addressing the needs of the young buyers and thereby increase Australia’s first-home ownership, one of the government’s key agendas. It provides a Deferred Deposit Agreement (DDA) between the home buyer and seller for the amount needed to secure a loan and replaces the need for a cash deposit.
RELATED ARTICLE: AffordAssist offering First-Home Housing Solutions alongside Government Initiatives
In a nutshell, AffordAssist helps the first time Aussie buyers design their fast-track, moving them to their first home so they can kick off their payment while saving on unnecessary rental payments.
AffordAssist Expedites House Search
Australian properties are being snapped up in the blink of an eye, further complicating the house-hunting process. AffordAssist can prove helpful in this area as it offers a list of approved properties
AffordAssist connect buyers with a range of its property partners, including sellers, real estate agents, and developers, to facilitate the search and thus can be lifeline for buyers and sellers struggling to settle existing purchase agreements.
ALSO READ: How AffordAssist helps buyers get closer to their dream homes
Bottom line
Australia’s rising rental make it critical to enhance the quest for property search. However, the saving for the cash deposit has remained as a challenge, often forcing many into years of worries and significant compromise on living standards. In such scenario, AffordAssist program is tailored to meet the needs of current required, provide a convenient alternative to cash deposits.
