Knowledge Centre

How to escape the increasingly expensive rental market

28/1/2022

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!