The deposit for your second property might be lying beneath your feet!

Spare a thought for hopeful first home buyers as housing affordability worsens, and they spend 4 to 5 years saving to be able to buy their first home. That’s what Bankwest’s First Time Home Buyers Report is saying, with $85,800 as the amount of capital that needs to be saved up.

That works out about $20,000 a year, which will take some doing. Bear in mind that the property market is a moving target, with prices increasing on average 8 per cent a year. It’s a very tough chase if you are not already in the market, and having to chase the growth in the market rather than benefitting from it.

If you own your own home, have you considered how fortunate you are in comparison to a hopeful first time buyer?

If you have equity in your family home, you can simply access this and use it as the deposit on an investment property, without having to first save it as a fresh deposit.

This is the secret path to riches that has worked for so many property investors in Australia and around the world. Many investors will confirm that buying the second house is easier than the first, simply through being able to tap into the equity that exists in the first to use as the deposit on a second property.

How fortunate would a hopeful buyer feel, if he or she could simply have their family home valued, and use the increase in equity as the opportunity to buy a second property! Rather than having to save for 4 to 5 years to achieve the same result!

For many, this is the opportunity that you might have available to you, should you choose to look into it further, and use the equity value you already have, as the springboard to build more assets and secure your family’s future.

If you would like to learn more and discuss how McCarthy Group can assist you, click here.