Every Australian’s dream is to own their own home and the Austrlaian Federal government promises to assist you with that.

Scott Morrison has recently told Australian renters that the best way the government can support them is to help them buy a home. The prime minister made those comments on Channel Nine’s Today show when asked why there wasn’t more support for Aussie renters in the federal budget.

“This is about Australians getting into homes,” Morrison said. “The best way to support people renting a house is to help them buy a house.”

Rents have soared across regional Victoria as much as in Melbourne’s inner suburbs, with the weekly average rent for a 3-bedroom house sitting at around $430*.

Unaffordable housing has become a widespread issue facing essential workers in all Australian capital cities, with the problem now also hitting the country regions. More than 1.5 million Australians pay more than 30 per cent of their income on rent and are losing high on their lifestyle*.

So, let’s face it, are the prime minister’s suggestions so far-fetched?

Instead of paying rent and filling another homeowner’s pockets over the years, you could be investing in your own future. Purchase a house or land block, and watch your property appreciate over time while you pay off your debt.

The government is already helping first home buyers in Victoria offering grants and zero stamp duty, for those eligible for the First Home Buyers Grant, to assist achieving these goals. 

It can be scary to envision becoming a homeowner after years of renting and playing by your landlord’s rules. Fear of failure is always there. 

What if the funds aren’t there?

What if I lose my job? 

What if I decide to move? 

Even if you rent, those risks are always the same, but a solution is generally available. 

Pros of renting

  • It can be cheaper and easier to afford, especially close to the city. But as trends show, this fact is reversing itself right now.
  • There are fewer upfront costs to rent.
  • Renting is less of a commitment.
  • Maintenance is not your problem, as the landlord deals with issues around the property.

Pros of buying a house

  • Your home is an asset for your future, potentially gaining value.
  • The house is yours so that you can renovate and extend it as much as possible. Any improvements you make mean your house gains in value.
  • Depending on the area, some mortgages are cheaper than renting.
  • Gain certainty and security when buying a home
  • Government grants can help you buy a home. (First Home Buyers Grant)

The best thing about being a homeowner is that you are more flexible. If you decide to move, you can rent your property to someone else and still pay off your debt. You might even want to purchase another property, add a second mortgage on your first and have the freedom to choose where you live. The opportunities are endless.

The first step is always the hardest, and we can help you with this.

Rent Converters offers free education around your financial options and assist you in becoming a homeowner with little less than your weekly rent.

Our mission is to help you with what Scott Morrison is promising: owning a home. Talk to our expert consultants today because the right time to get into the market is always NOW.