How to make possibly one of the biggest decisions of your life...
Wow, that title is very to the point. However, at the Real Estate Plus Group we firmly believe that buying your first home is one of the biggest decisions you will make over your lifetime.
That is why we thought we would ask Plus Loans to share some information about the various home loans available for First Home buyers for those considering buying their first property:-
Not all first home buyers are the same, just like not all loans are equal. Plus Loans can help you choose the best fit for your requirements.
Low deposit home loans
Many of the major lenders will let you borrow up to 95% of the property you purchase. Which means you only need 5% genuine savings. There are so many great rates popping up in todays market as the banks compete for your business. Reap the rewards of a low interest rate with comparable loan repayments to what you pay in rent!
Zero deposit home loans
Do your parents want to help you get into a home of your own? Family Guarantor loans are a great way for your parents to help you purchase a home without them actually providing the cash for a deposit. The bank will use equity in their property to provide additional security for a portion of your loan amount. As this solution reduces your loan to value ratio, it can help to avoid lenders mortgage insurance, with the benefit of a competitive interest rate.
If your parents aren’t keen on putting their security up as a guarantee, there is the unique Parent Assist program. Your parents loan you up to 20% of the purchase price and you repay them with interest like any other official loan. Win, win!
Keystart Home Loans
Keystart Home Loans is an initiative of the West Australian government to assist West Australians into affordable housing. They provide a low deposit option requiring just 2% genuine savings and no lenders mortgage insurance, allowing homebuyers with little savings to get into a home of their own.
Government Grants
If you buy a brand new home or construct you may be eligible for the $10K First Home Owners Grant along with any stamp duty exemptions. The Home Buyers Assistance Account can provide an additional $2K to your pocket.
With so many options, there never has been a better time to buy your first home. Contact Dan on 9274 6200 to discuss. Plus Loans, helping you invest in the future.
Australian Credit Licence: 383 631