It’s easy to put off retirement plans. After all, it can often seem so far away, and crossing that bridge when you come to it seems like a great way to seize the day.
While it is important to live for the now, you shouldn’t put off planning for tomorrow. Putting together savings and making investments is a fantastic way of preparing yourself financially for retirement, and 2015 is a great time to get going. Here’s why your Whitsundays financial planning should start sooner.
You’re living in a buyers market
According to the Commonwealth Bank-CoreLogic Home Buyers Index (HBI) for January 2015, Queensland is a buyers market. That means supply is outstripping demand, driving affordability and more bargaining power when you make a property investment. These are all- all good reasons on their own to visit a mortgage broker, but put together, they create a beautiful concurrence.
In fact, the only state viewed as more of a buyers market than Queensland was Tasmania. And on a closer scale, nearby Mackay was one of the top five buyers’ markets in the entire country. With these statistics in mind, it’s probably a good time to act on those property investment plans.
Red tape could be cut down
Recently, the Real Estate Institute of Queensland (REIQ) refreshed calls for the First Home Owners Grant (FHOG) to be expanded. In Queensland, this grant offers up to $15,000 for people who wish to buy a new house. But up until 2012, it was also open to those who were purchasing existing homes.
Antonia Mercorella, CEO of the REIQ said in the statement that this would also be great news for the wider economy, as more people were likely to be making residential property investment. If the state government does open up the FHOG, it opens up many more opportunities for you as a buyer.
It’s affordable
Statistics from My RP Data indicate that currently in Cannonvale, the most popular income bracket is $78,000 to $130,000 annually – a considerable amount. This suggests that many people in the area have a lot of paying power, and could be capable of making serious savings.
Putting financial planning into action can enable you to secure enough funds to place a deposit on a home, which generally always increases in value over time. Speaking to the team at Eclipse is a great way to determine an ideal investment or savings strategy for the future.
