Sharing a property 'is a good way to save for home loans'

Tuesday 24 May 2011

Article by Mozo

A growing number of people are remaining in shared houses to enable them to save for a deposit so they can get home loans, new research has shown.

Sharing a house 'can help Aussies save for home loans'

In a survey conducted by Mortgage Choice of Aussies planning to purchase a property within the coming two years, it was found that 18 per cent were still living with their parents, while eight per cent were either in, or planning to move into shared accommodation, reports Sydney-based publication mX.

Many had also decided that the best way to help pay off their home loans would be to rent out rooms in their newly acquired property.

Kristy Sheppard, spokeswoman for the firm conducting the study, commented: "Inhabiting the same rental space with people outside your family or romantic relationship is often a financial necessity when utility, petrol and other costs increase."

This comes after TRUEnergy chief executive Richard Indoe told the Australian Associated Press that the cost of power may cause the average annual bill in the country to double within six years.

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