The housing industry in the Australia is facing a recession. It has hit the first time home buyers the most. With rent to buy option many people can think of buying a house at a future date when they have saved enough to pay for the deposit. The situation with the housing sector does not seem very good and it is not likely to improve shortly. In respect of the new projects of housing, it has dropped by about six percent. New houses have not been constructed for sometime. Even to rent a house one needs to go for an auction. On the other hand the population of the country is ever increasing and there needs to be enough of accommodation of this population in the country. Added to it is the large scale migration that is taking place in Australia, where people are looking for more lucrative avenues and in turn this has given rise to more job opportunities.
The Housing Industry which is in New South Wales has predicted that they would be running short of about 18,000 homes in this fiscal year. Looking at the new housing projects, there seems to be nothing around. It has also been pointed out that the new housing projects would well be below the mark of a 30,000. This has led to a new scheme called the rent to own Australia. It is mainly focused on people who have not been able to save a deposit for a home or for people with low income or people with poor credit rating who find it difficult to secure finance through conventional means. The dream of such people can come true with the rent to buy option that is available in the real estate business. People rent houses so that they can buy it at a later stage. There are many different types of agreements for renting a home with option to buy. Before going through with the deal or signing an agreement one has to be really sure about all the facts. This option has led people to believe that you can easily own a house without the high interest rate of a mortgage loan.
Rent has traditionally been seen as dead money and these schemes allow you to put some of that money towards saving up a deposit for your future house. Most of the groundwork can be done by the real estate agent who is responsible for leasing it for rent to own option. They can draw up the contract and help you meet the real owners of the house. They also arrange for a solicitor to go through the legal agreement. They also arrange for a solicitor to go through the legal agreement. All over Australia you will see boards advertising rent to own houses. They are on the internet too. There are many websites devoted to selling housed through the rent to own Australia
option. It has made easier for people going in for the option as they can choose from the many homes listed on the website.