How can I break into the property market?

As long as the property market keeps climbing, buying your own home the traditional way will become much more difficult. Follow along as we take you through various ways you can break into the property market that you might not have considered before.

When it’s all said and done, there are really only two things that you need to be able buy property. Regular income and money. The income part is needed to show you can repay any loan you apply for and the money makes up your contribution to the purchase, also known as equity.  Normally, it’s the lack of one of these that makes buying a property so difficult.

Let’s have a look at what you can do to overcome any limitations you might have:

Know the Banks minimum requirements

If you have to borrow it makes sense to be familiar with what they want. For example, if you have just started a new job then you need a Bank that is happy to accept that situation. In the same vein, it’s likely the Bank will want to see how you saved your deposit, both of which aren’t difficult but are a set requirement of the bank.


Make sure you are making the most of your income by showing you can save as much as you can. The Banks like to see a potential customer saving regularly. There are many definitions of savings too so a Bank that is more liberal may suit you better. For example, rental payments can be used to show savings which may help your particular situation.

Ask for help

It never hurts to ask who can help because if you don’t ask you’ll never know. Ask everybody you know if they can help you buy a property. There are many ways to buy property and many ways people can help, so just ask. As an example, perhaps your parents could give you some money towards the deposit or failing that, provide equity from their home as security. Many Banks these days have specific loans designed for this purpose. Have you thought about whether any of your friends are in the same boat as you? You could pool your resources and buy one together.

Buy where you can afford

Accept the limitations your financial position places on you at the moment and work with it rather than against it. Consider a property in the area you can afford instead of the other way around. Rather than having to defer buying a home in the area you want because of the cost, why not buy an investment property where you can afford and take advantage of capital growth and rental income?

These are just some ideas that could help you. Remember, the key is to get into the market as soon as you can and let the capital growth work for you instead of against you. Even if you don’t fit into the standard Bank customer profile, you still have options. You just have to look a little harder, contact a broker today to help you with your options.



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