Money saved on a property purchase might mean the difference of tens of thousands of dollars on your next home loan – and that means more money to spend on other things you love. If you’ve ever worried that housing affordability in the big city feels too far out of reach, you may have considered relocating to a regional centre.

For many Australians, the move away from the metropolitan mayhem can be purely positive – but it’s important to do your research to make sure it’s a move you’ll love.

Before you trade your urban life for lifestyle in the regional fringe, ask yourself some important questions:

 

What are some good reasons to move to regional Australia?

The idea of more affordable real estate is definitely attractive. And getting away from the big city pollution and traffic snarls can also be another bonus.

If you grew up in the country, then moved to the city for education or work opportunities, the years when you are approaching life with your own young family might seem like the ideal motivation to make the shift back to give your own children a taste of your relaxed childhood freedoms in the fresher air. Or, if you have adult kids who have moved out to start their own lives you might want to retire back to your hometown, to be close to your own elderly parents. There are lots of very personal reasons behind people considering a move to a smaller regional centre and what’s right for you will depend on your own personal circumstances.

If the reason behind your long-term move is the search for a more low-key lifestyle, make sure you spend some time in that town of your dreams to ensure it is everything you hoped for. And if real estate reasons are your driving force, be sure to understand that what is affordable going in will also be someone else’s version of affordable when you try to sell. The reality of real estate in rural and regional regions is that it does take longer to sell – sometimes years if the property is unique. Be sure you have a clear exit strategy that works for you.

 

Employment Opportunities in Regional Australia

Although the broader perception is that there are less job opportunities in regional locations, the truth is that a growing number of large companies are relocating, or setting up regional divisions – and that the transition up the career ladder in many of these companies requires executive level employees to do a regional stint.

If that’s you, just be sure to think about what your options are if you pack up your entire life, then realise you do not enjoy the workplace culture – or the company makes you redundant. By the time your children are settled in and everyone in your family wants to stay there forever, finding another job at the same level as your previous role will be difficult – and could be impossible.

 

Consider The Other People In Your Life

Even if you don’t have children yet, making a big move – especially one that includes a new mortgage or car loan or other financially-related commitments – may not just be about you. You might have a partner to consider too. If your move is for work purposes, you’ll need to look at what opportunities there are for your partner to work in a fulfilling role too. Because even if they say yes in the interests of supporting your career right now, the reality is that life for them may become boring fast if they cannot find something they love doing in your new regional home.

 

Research Matters

Moving anywhere is a costly exercise – but doing it for the right reasons could end up being the best move of your life. Knowing your financial position is always a great foundation for any decision-making so surround yourself with a team of expert professionals and find the answer to suit your situation.

 

If you need advice for a home loanbusiness or commercial loanself-managed super fund loan, or an investment home loan, speak to a broker at Lending Specialists. We have a wealth of experience under our belt and a robust network to connect you to the right industry professional for the loan you need.