Saving the deposit can be a concern even when you are earning good incomes.
Your current situation may be – good careers, paying the top rate of tax, living inner city, but unable to save the deposit to stay in your area. Some decisions to live inner city can be affected by the long working hours, proximity to the airport, private schools, shared care of children with an ex partner and court orders. Having a career which pays well can mean working from home is off the table, and travel is required in your role.
In these situations, it can be tough. Lets look at shared care of the children – it may be a situation where you share the care 50/50 with the other parent. You may still need to provide a house for the children, and the costs remain even when the children are with the other children.
Recently, a new product has been reintroduced where you can borrow the deposit of a home. This may be a solution for clients, and can be a short term solution eg 3 years. It will depend upon your purchase price and current situation. You may be able to purchase your home with very little deposit.
If you would like to know more, please call 0403 211 361 or email hello@georgefinancialservices.com.au
