​There's a house building boom going on right now, partly because of the now-concluded HomeBuilder incentive and partly because interest rates are so low.
 
Building work started on a record 149,345 new detached houses in the year to September 2021, according to the latest data from the Australian Bureau of Statistics. 

If you’re planning to build a new home, please note that financing residential construction projects is more complicated than getting a standard home loan.
 
Lenders require more paperwork – all the usual documents, plus a copy of your building contract, building plans and building specifications, as well as quotes for any additional work you might be planning.
 
The way lenders pay out the loan is also more complicated: instead of giving the money in one lump sum, they distribute it in five ‘drawdowns’ as the build reaches key milestones.
 
If you want to build a new home in 2022, give me a call – I can talk you through your options

With rents climbing steeply in many parts of the country, 2022 might be the ideal time for younger Australians to enter the market.
 
The average rent paid by a tenant living in a capital city was 7.4% higher in the December quarter of 2021 than the same quarter of 2020, according to Domain.

So if you’re a first home buyer, you might be wondering – what can you do to save a deposit? Options include:

• Increase your income – e.g. get a second job, do more shifts, start a side hustle
• Reduce your expenses – e.g. move to a cheaper rental property, cut back on home delivery, buy less ‘stuff’
• Reduce your deposit – e.g. opt for a low-deposit loan, a family guarantee loan or a spot in the First Home Loan Deposit Scheme

Don’t worry if any of this sounds confusing – I can explain your options to you in plain English. When you’re ready to talk, I’ll be happy to guide you through the process.

Want to enter the market this year? Here are three home loan tips:

• Maximise your credit score – pay all your bills on time and reduce your credit card limit
• Get started early – it can take several weeks to get a home loan pre-approval
• Speak to a broker – brokers can compare loans and access special deals on your behalf