Liberty Financial Helps Homebuyers Snap Up Affordable Options
While renting in Australia's heavily populated states may be less expensive than buying, Liberty says there are still affordable options for aspiring buyers.
MELBOURNE, Australia, September 6, 2023 (Newswire.com) - Many first-time buyers have been feeling less optimistic about entering the market in its current state. But new data reveals parts of the country where the difference between paying a home loan and paying rent now favors homeowners.
According to a CoreLogic analysis, there are more than 500 Australian suburbs where the cost of mortgage repayments is sitting lower than the average rent price.
Further data from Domain shows the greatest opportunities for those wanting to buy their own home lie in Perth, Darwin, and regional Australia.
Non-bank lender Liberty is a leader in the Australian mortgage space and works closely with customers looking to secure a home loan for their first property.
According to Head of Consumer Communications Kate Jenkinson, recent shifts in rental and housing markets have brought welcome opportunities for buyers across the country.
"Falling home prices are helping to improve the upfront price of homes, which is one aspect of the affordability barrier buyers are facing," Ms. Jenkinson said.
"At Liberty, we support buyers at any stage of the property journey to find a home loan that's right for their situation - even if they're looking to buy outside the major capital cities."
Recent Domain research also indicates lower costs to buy than rent in nearly a quarter of regional Australian suburbs. Some buyers may also be eligible for a regional purchasing grant to help them into the market - if the choice is right.
"As with any property purchase, buyers thinking about regional living should consider the type of property that would suit their needs, budget and borrowing power," said Ms. Jenkinson.
With a variety of free-thinking home loans available, Liberty offers tailored solutions designed to help more people get financial support and achieve their homeownership goals.
Approved applicants only. Lending criteria apply. Fees and charges are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit Licence 388133, together trading as Liberty Financial.
Source: Liberty Financial
