MELBOURNE, Australia, July 06, 2022 (GLOBE NEWSWIRE) -- As interest rates rise and property prices continue to climb, homebuyer hopefuls may understandably feel a little anxious. But according to Liberty, a leading non-bank lender, an apartment could be the perfect way to alleviate those property purchase jitters and get into the market sooner.
With increased affordability, an apartment is one way that borrowers can navigate through current market conditions to homeownership. Whether to live in, or as an affordable entry point for first-time investors, apartments have a few attractive qualities to consider.
According to Liberty's Head of Communications Heidi Armstrong, apartments may also offer some untapped potential when it comes to property investment: "Apartments are generally more affordable than houses, plus, the lower initial outlay could mean lower risk.
"You could also get more bang for your buck if your apartment is part of a complex with facilities such as a gym, swimming pool or communal garden."
Across Australia, the median apartment or unit cost is generally lower than the median house price. That means shoppers could buy in an ideal location and stay within budget - even with a smaller deposit.
Recent Census data also shows that the popularity of apartment living is increasing. In the past 25 years, the number of occupied apartments has risen by 78%. With the Australian Bureau of Statistics projecting the number of Australians living alone will also increase, the demand for apartments is likely to also rise.
As a leader in the Australian mortgage space, free-thinking lender Liberty works closely with borrowers seeking home loans.
Liberty says many of those looking to buy in 2022 are choosing affordability and efficiency, rather than trying to buy their dream home first-up.
As with any new home, Ms Armstrong advised those interested in apartment living or investment to think about the type of property that would suit their needs, location, budget and borrowing power. "At Liberty, we take a personalized approach to help ensure each borrower receives a solution to fit their unique needs."
With a range of options and online indicative pre-approval, Liberty can help borrowers assess their options and find the home loan that's right for their situation.
The leading non-bank also encourages borrowers with irregular income or who are self-employed to consider more free-thinking home loans when considering an apartment.
Approved applicants only. Lending criteria apply. Fees and charges are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit Licence 388133, together trading as Liberty Financial.
Group Manager - Consumer Communications
P: +61 3 8635 8888
Image 1: Home Loans
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