Low doc home loans are a great option for many Australians with an irregular income, or indeed those who own their own business who don’t have sufficient financial records to access a bank loan. Talking to one of the specialist mortgage brokers at Redrock can make the start of your journey a whole lot simpler, and now is a fantastic time to make a move on the property market as well.
That’s according to a June 1 media release from the Real Estate Institute of Australia, which outlines how the current market is as affordable as it was in 2013! That’s fantastic news for those looking to take the next step, or indeed the first, onto the property ladder and take control of their future financial situation with one of the most stable investments out there.
Why is right now the best time?
Many people will have noticed that the price of a house or apartment has been steadily increasing over the past two or three years – in some regions, to unreasonable heights.
With figures like this, it’s hard to see how affordability is getting better.
The CoreLogicRP Data monthly indices track how residential property is moving in value overtime, and for June, the median dwelling value in Sydney is $984,790. That’s an increase of 3.09 per cent over May, and a huge 13.05 per cent increase on the same time last year.
Even Melbourne has been soaring, with an even bigger yearly growth of 13.9 per cent to a median dwelling value in 2016 of $797,150. With figures like this, it’s hard to see how affordability is getting better, however REIA President Neville Sanders makes this clear.
“The latest comprehensive data shows an improvement in housing affordability nationally with the proportion of income required to meet loan repayments going down to 30 per cent from 32.4 per cent in the last quarter of 2015 and 30.8 percent a year ago,” he said.
Take advantage of the situation and get into some property of your own with a low doc home loan.
“Encouragingly,seven out of eight states and territories recorded improvements, largely underpinned by lower loan sizes and moderate increases in income. A lower rate of growth in property prices, smaller loans and marginally lower interest rates resulted in lower average monthly loan repayments.”
Getting on the property bandwagon
With this information, you could take advantage of the situation and get into some property of your own with a low doc home loan from Redrock.Get in touch with the team today and make your move while the market is ripe.