If you’re interested in buying a property but don’t have the funds to do so right now, you may want to consider the rent-to-buy scheme. This is an excellent option for those who are unable to get a mortgage at the moment or simply don’t want to commit to a long-term loan just yet. However, one common question regards the different types of properties that are available through the rent-to-buy scheme in Australia…will it suit your needs?
Available Property Types
If you choose the rent-to-own scheme through Public Square or another provider, you’ll have a wide range of property types to choose from. This includes single-family homes, townhouses, villas, and apartments. You can even find commercial spaces such as office buildings and retail storefronts. There are plenty of options to consider, so you’re sure to find something that suits your needs.
Often, there’s a misconception that rent-to-own schemes are only available for low-income earners or those with bad credit. What’s more, people say that the choice of property is limited. None of this is true. Anyone can apply for a rent-to-own scheme, and there’s a wide range of properties available.
If you’re interested in finding out more about rent-to-buy schemes, the best place to start is by talking to a real estate agent or rent-to-buy specialist. They’ll be able to advise you on the best options and help you find a property that meets your needs. With their help, you could be moving into your dream home sooner than you think.
Are You Eligible?
What are the eligibility requirements for this scheme? If you’re thinking of applying for a rent-to-buy scheme, there are a few things you need to know. Firstly, you’ll need to have a good credit rating; rent-to-buy schemes are often offered by lenders as a way to help people who might not be able to get a mortgage, but you shouldn’t abandon your credit rating entirely. Secondly, you’ll need to have a steady income. Naturally, the lender will want to be sure that you’re able to make your monthly repayments, so you’ll need to have a secure job.
If you think you might be eligible for a rent-to-buy scheme, the next step is to start looking for properties. Many lenders will have a dedicated website where you can browse through the properties that they have available. Alternatively, you can speak to a mortgage broker who will be able to give you more information about the different schemes on offer.
If you’re confirmed for a property, you will rent for a set period – usually between one and five years. During this time, you’ll need to make sure that you keep up with the rent payments and don’t fall behind on any other bills. Once the rental period is up, you’ll then have the option to buy the property outright.
It’s important to remember that you’re not obliged to buy the property at the end of the rental period. If you decide that you don’t want to purchase it, you can simply walk away and find somewhere else to live. However, if you do want to buy the property, you may be able to do so with a smaller deposit than you would usually need because of the rent you have put into it already. The Rent-to-Buy scheme is a great way to get onto the property ladder without having to worry about a huge deposit. It also means that you can take your time to decide if you want to live in a particular property before you commit to buying it. Why not start searching today?