If you are struggling to get your full deposit ready for you first home OR you are a single parent looking to get into a second home, then please give me a call.
One of my lenders has additional places available for the government's FIRST HOME LOAN DEPOSIT GUARANTEE SCHEME, the FAMILY HOME GUARANTEE SCHEME and the NEW HOME GUARANTEE SCHEME.
What does this mean for you as a home buyer?
If you have 5% savings towards a home then the government will put up a Guarantee bond to the lender, which will enable you to get into the market WITHOUT the need to pay an expensive Lenders Mortgage Insurance premium.
For example, if you are looking to buy a house worth $ 500,000 then:
i)You will only need 5% genuine savings = $ 25,000 as a first home owner*
ii)You will NOT have to pay LMI premium which would be around $ 14,000 in this example
*If you are not buying a first home then you would also need to have the Stamp Duty amount of $ 17,700
(Obviously, you will also need to be able to show your ability to make loan repayments, and any application would be subject to lender assessment criteria)