The end of 2011 shows a marked rise in the approval of home loans which means that things are looking up for the Australian housing market. In one month alone, according to reports given by the Australian Bureau of Statistics, there was a rise in the number of approvals by 1.4%, in addition to a rise in the overall value of homes to over 2%. It seems that the last half of 2011 showed a small but steady increase in lending associated with home loans. This is a good sign that the housing market is getting back on its feet.

Renting vs. Owning

While certain areas in Australia are still struggling, nationally the market is seeing a slow climb back to being stronger. Economists are hopeful that these statistics are a good sign that the trend is leaning towards buying rather than renting. It seems that while home loan approvals are increasing so are the costs associated with renting.

Many renters are looking at the long-term benefits of buying as opposed to renting. As rental costs increase, those that can afford to take the plunge into homeownership are looking at buying as being a better long term plan than spending their hard earned cash on “borrowed” property. The risks associated with owning vs. renting often deter potential buyers from taking the plunge into home ownership. Seeing the market come back, interests rates decreased and banks being more flexible with lending options has created a safer environment for buyers.

Home Loan Options

Potential homebuyers should shop around for a home loan comparison to look at how they can get the best rate. Browsing the Internet is a good starting point for locating the best home loans for first time home buyers. This process can get buyers started on the road to homeownership. Locating the most affordable loan and working out a budget before shopping for a home will allow buyers to have a clear picture on what they can comfortable afford. This takes the risk of the unknown out the equation allowing the buyer to have some control over the process. Looking first then deciding that you can’t afford your dream house is counterproductive. Deciding what is affordable then looking for a home that fits within your budget keeps potential homebuyers motivated about the process, rather than feeling defeated.

Interest rates are at an all time low. Statistics show that the trend of low rates and bank approvals are on the rise. It is anticipated that Australia will see this trend continue into 2012. Starting with a home loan comparison by doing a quick and easy Internet search is the first step towards securing a loan that best meets your needs.

In one month alone, according to reports given by the Australian Bureau of Statistics, there was a rise in the number of approvals by 1.4%, in addition to a rise in the overall value of homes to over 2%. It seems that the last half of 2011 showed a small but steady increase in lending associated with home loans. This is a good sign that the housing market is getting back on its feet.

Tomorrow Finance compares hundreds of home loans from Australia\’s best home loan lenders. Their home loan comparison software can find out how much you can save by getting the best home loan rates.

Tomorrow Finance compares hundreds of home loans from Australia\’s http://www.tomorrowfinance.com.au/ best home loan lenders. Their home loan comparison software can find out how much you can save by getting the http://www.tomorrowfinance.com.au/best-home-loan best home loan rates.

Author Bio: Tomorrow Finance compares hundreds of home loans from Australia\’s best home loan lenders. Their home loan comparison software can find out how much you can save by getting the best home loan rates.

Category: Finances
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