How To Get Into The Property Market In QLD

Buying a home can be tough, especially with how expensive things are right now. But there are other smart ways to get started. Here are 5 ideas you can try:

1. Buy With A Friend Or Relative

Think about buying a home with someone you trust, like a family member or a close friend. You can share the deposit and the loan, which makes it easier for both of you to get approved and pay it off. But before you decide, it’s a good idea to talk to a professional. They can help you plan what to do if something unexpected happens, like losing a job or getting sick, so you’re both protected.

2. Get A Guarantor Loan

A guarantor loan is when a third person (usually a parent, relative, or close friend) helps you get a loan by promising to back you up. They use something they own, like their house or savings, as a guarantee. This makes the bank feel safer in case you can’t pay the loan back.

These loans can help people who might not get approved on their own, but they can be risky for the person helping you. If you can’t pay the loan, the bank can make the guarantor pay it instead. And if they also can’t pay, the bank might take the things they used as a guarantee.

3. Consider Rentvesting

If you can’t afford your dream home right now, you could buy a cheaper place and rent it out to someone else. Then you can rent a home you like better in the area you want to live. This way, you still get to own a property. Many people use the rent they earn to help pay off their loan, and sometimes it even helps cover their own rent or other costs.

But be careful, this plan can be risky. Sometimes the money you make from rent won’t be enough to cover all the expenses. That’s why it’s really important to do the maths first and make sure your budget can handle it. You can also talk to an accountant to see if there are any tax benefits.

4. Look Farther Afield

Smaller towns and regional areas are growing fast, and living there can be much cheaper while still giving you a great lifestyle. If you’re open to moving, you could look for a home in an area where prices aren’t as high as big cities yet.

In the past, people worried that moving away from the city would make it hard to keep their jobs. But after COVID, many jobs can be done online, and lots of workplaces allow flexible hours. Because of this, living in a regional area is now much easier for many people.

5. Take Advantage Of Incentive Schemes

Across Australia, a range of programs are available to support first-home buyers, with eligibility varying depending on where you live or intend to purchase. These schemes can change over time and are influenced by each applicant’s individual circumstances.

For accurate guidance, it is best to consult a qualified mortgage broker, your bank, or a licensed financial adviser who can confirm the options relevant to your situation.

Do It Yourself, Or Use An Agent?

If you don’t have much time, don’t know the area well, are buying from another state, or just want to avoid mistakes, then yes, using a buyer’s agent in Queensland is a good idea. They can help you find the right place faster and with less stress.

If you want to learn more about how to get into the property market in Queensland, you can read more on the REIQ website.

At Precision Property Buyers, we represent the buyer exclusively. As a fully licensed and independent agency, we bring deep expertise across Ipswich, Toowoomba, Lockyer Valley, Moreton Bay, Scenic Rim, and the Somerset Region.

If you’re ready to start looking for a home, we’re here to help.