Why Owning Is Better Than Renting In Darwin
(Even If You’ve Owned Before)
If you’re like many of the Territorians we speak with, you’re renting your current home yet dream of home ownership. Government grants combined with great lending conditions means there has never been a better time to build a new home.
There are so many benefits to owning instead of renting:
- You’re building equity for your future.
Paying off your own home creates equity that can be used to grow wealth later down the track. The most common use of equity in your home is to purchase an investment property. You can also take advantage of secondary wealth-related benefits ie. car leasing and finance for other ‘toys’ you might want to purchase.
- You’re not paying someone else’s mortgage.
You’re not making someone else wealthier.
- You finally say “goodbye” to your landlord.
You no longer need to adhere to strict rules and regulations implied by your landlord. Want pets? Go for it. Want to avoid regular inspections? Go for it. YOU are the landlord.
- You can customise your home any way you like.
You can paint the walls, add rooms, change fittings and fixtures, and make unlimited customisations (providing they are approved by the relevant authorities of course!).
- Government grants are currently very generous.
The NT Government’s generous grants and incentives give you a welcome boost. The grants and incentives currently on offer for building your very own home in the Northern Territory are the most generous in Australia. More on this below.
- The current lending environment is keeping repayments low.
Low interest rates mean your regular repayments are much more palatable.
Let’s Look At An Example
For example, a 30 year mortgage (at 4.5%p.a. interest) of $500,000, requires repayments of only $587 per week. Many Darwin renters are easily paying this amount each week, year in, year out — meaning you have the ability to ‘service’ a mortgage’s repayments — yet the biggest issue is to save for an initial deposit.
Is A Deposit Holding You Back From Getting Started?
Are you frustrated because property prices are rising faster than you can save for a deposit? Many Darwin first home buyers CAN afford mortgage repayments, but fall short in saving for a deposit. And that’s no surprise—with the price of living increasing, and house prices on the up-and-up, it’s getting harder and harder to save a complete deposit. This creates an undesirable situation where you feel helpless, frustrated, and stuck in a never-ending rent cycle.
Here’s How We Help With Your Deposit Problem
For First Home Buyers
Getting in to your first home may not be as difficult as it seems. The NT Government’s home buyer grants and incentives, coupled with low lending rates are making it easier and easier for first home buyers to get their foot on the ladder.
As you may already know, the Northern Territory Government is offering one of the most exciting grant and incentive programs for first home buyers. In fact, at the time of writing this you may be eligible for Government grants and incentives of up to $50,601 to contribute towards a new home build with Territory Homes.
If You’ve Owned A Home Before
The Northern Territory Government’s extensive grant program offers financial assistance even if you have owned a home before. You may be eligible for up to $18,601 stamp duty concession, and a $20,000 BuildBonus, meaning you could receive up to $38,601 in assistance. There is no better time to build a home in the Northern Territory.REQUEST YOUR FREE HOME BUYER CONSULTATION
Your Personal Invitation
If you’re a home buyer struggling to save a deposit, we invite you to an obligation-free Free Home Buyer Consultation where…
- We’ll have a discussion about the types of homes you’ll be able to build (and where you can live)
- You’ll discover exactly how much (or should we say, how little) it costs to get your very own house and land package from Territory Homes
- You’ll discover what government grants and incentives are currently available, and we’ll arrange a free no-obligation discussion with our independent finance specialist(if you don’t already have someone)
- We’ll show you how to get started today so you don’t waste another cent in rent money
You could be in your VERY OWN home sooner than you realise.
Hurry — Act Now, Before It’s Too Late
Buying a new home is a big decision that should not be entered into lightly.
Yet at the same time, your window of opportunity to get a new home with Government grantsand incentives of up to $50,601 won’t be around forever.
And although interest rates are not predicted to rise sharply, they are likely to move upwards over the coming years, which may make these grants and incentives unviable in future.
So, while we strongly advise you to do your homework and find out all the facts, we recommend you don’t delay in exploring if these grants and incentives may be the helping hand you need.
So if you want to stop wasting money on rent… and get a beautiful new home of your own… book your Free First Home Buyer Consultation now – while you’re thinking about it and before anything else comes up.REQUEST YOUR FREE HOME BUYER CONSULTATION