new buyers left behind in mortgage rush, page-6

Yeah right Scotty, Gen Y renting and paying off the mortgage of a property investor is really smart. Not

Buying you own home is the smartest investment you can make, for starters simply because what you would other wise be paying in rent goes in to repayments. Rent is dead money.

And to blow some of your negatives

When buying you don't pay agent fees, the seller pays that.

First home buys get a reduction on stamp duty.

Your can avoid lender insurance by having a decent deposit.

Rates and home insurance is no big deal

Maintenance is also no big deal, mostly is just up keep that you would have to do if renting.

Freedom to move around is still there if you own a property, you rent it out and that pays for where ever you are renting.

Unlike renting you are not subject to regular inspections, you don't get kicked out for what ever reason, you can have pets if you want and make changes to the house if you want.

Mortgage interest is the price you pay for get into your own home sooner because as history shows property values go up.

It's a big step to own your first home and the early years can be difficult but once you have paid of some principle together with capital appreciation you soon find you have a decent amount of equity and that becomes the foundation for your financial security.

When I brought my first house for $38k (a lot at the time)I didn't think of it as a wealth creator but simply that I would need some were to live.

I was pretty pleased when it was valued at over $100k, never imagined or dreamed it would double in value form there but was stocked when it did and blown away when it got to $300K

If you had of asked me then if I thought it would double in value I would have been sceptical but here we are and it has.

Do I think it will double in value again, well again I am sceptical but history has shown it is quite posible