Logan residents face soaring interest rates amid high defaults, prompting local agents to share survival tips for the market.
Belle Property agent Mandeep Singh said entering the market could be stressful, especially during high-rate periods.
He said people should consider saving for a larger down payment, improving their credit score, securing a fixed-rate loan, pay points, and shorter-term loans.
“A larger down payment reduces the size of your loan, which can lead to lower monthly payments and less interest paid over the life of the loan,” Mr Singh said.
“A better credit score generally means better mortgage terms, which can include lower interest rates.”
He also said it was important to “budget wisely”.
“Don’t stretch your budget to its limits,” Mr Singh said.
“Consider future interest rate rises, maintenance costs, and any other expenses when deciding how much you can afford.
“The key is to do your research, consider you long-term plans, and consult a trusted financial advisor or mortgage broker to make the best decision for your unique situation.”
Real Property Vibe agent Alison Veivers-Russell said the key to buying a first home was to be “organised and prepared”.
“The most important advice… is look at property within your borrowing capacity, be conservative and don’t stretch yourself,” Ms Veivers-Russell said.
“It will only cause financial stress with the rising cost of living.”
Browns Plains Real Estate’s Neil Giles said it was a tough time to buy, and although rates were “out of people’s hands”, there were first home buying opportunities available.
He said people hoping to break into the market should take advantage of the first-time home buyers grant offered by the state government.
The first homeowner grant gives eligible first-time home buyers $15,000 towards buying or building a new home.
House Property agent Michael Wardlaw said first-time buyers needed to rethink their loans and expenses.
“People need to make sure they’ve got a substantial deposit behind them, minimise their credit cards, personal loans on cars, and getting rid of all those excess loans… [like] AfterPay,” Mr Wardlaw said.
“So, it’s a very interesting time for a new buyer to come to market.”
He said people needed to be aware there was significantly less stock than six months ago.
Mr Wardlaw said he was more concerned for people already in the market struggling to pay their mortgage.
He said some people should question whether they can survive such high rates and consider selling their home while the market’s high and “go back to renting”.
