When you think of first home buyers, you’ll generally picture younger buyers, in their early to mid-20s. But it’s actually not that strange for many first home buyers to be buying their first home at 40. In fact, Australia’s average age for first home buyers is 36 years old! So, if you’re worried about buying your first home at 40, don’t be!
At No1 Property Guide, we’ve helped thousands of renters become homeowners using Darren Walters’ no or low deposit new home system. Including older buyers in their 40s and 50s! The first step is easy. Simply fill in our pre-qualification form and find out exactly what you can or can’t do. From there, our New Home Consultants will guide you through the process to secure your no or low deposit house and land package.
Why Buy Your First Home at 40?
Whether it’s because of travel, property prices, not having the funds, or a divorce, there are plenty of reasons you might be buying your first home at 40. And that’s fine! Our belief here at No1 Property Guide is that the right time to buy property is when you can, not any particular year or age.
While it might seem like it’s too late to be buying a home in your 40s. For mortgage lenders, you’re basically still in your prime borrowing years. With the retirement age around the 65-70 mark, buying your first home when you’re around 40 still gives you 25-30 years to make the mortgage payments before you retire.
Of course, there are tangible benefits when you purchase a property as well.
Firstly, it’s a sense of security. Knowing you have a place to call your own. Where you can live and raise your family without your landlord kicking you out with barely a warning.
You also get to build your assets towards retirement. Giving you somewhere secure you can plan on living and enjoying your retirement. Of course, you could also sell your home and downsize when the time comes. Either way, having your own property gives you options to enjoy the retirement lifestyle you deserve.
Finally, it also gives you something to pass down to your kids. Whether they inherit it directly, or you sell it and set up a cash inheritance. Property is the ideal way to ensure your family is financially secure.
If 40 Isn’t Too Late, Can I Wait?
While we’ve definitely helped older clients in their late 40s and 50s buy their first home, we certainly don’t recommend it!
The longer you wait, the shorter the loan term. And the more likely you’ll have to pay a higher interest rate or front a larger deposit. With most home loans being around 30 years, waiting too long can mean you won’t be eligible or will face more hurdles getting approval.
If you’ve been waiting for the perfect time, you’ll end up renting forever. Getting into the market as soon as you can is the best way to escape the rental nightmare.
And the key to buying your first home at 40 is Darren’s no or low deposit new home system. Using his 20+ years of experience in property, finance and lending policies, Darren created his specialised system to give renters the opportunity to escape the rental cycle once and for all.
The first step is understanding your factual options. Simply fill in our pre-qualification form and one of our New Home Consultants will be in touch to go over exactly what you can and can’t do through Darren’s system.