Tips for First Home Buyers
The hardest thing for most first home buyers is saving a deposit. It's very difficult for a young couple to pay rent and childcare AND save for a deposit. Suitable Loans for First Home Buyers
- 80/20 loans: Once you have 20% deposit no mortgage insurance is required at all.
- Family Equity Loans: If you have a family member willing to put up their own property as security then Family Equity Loans are great. For example you parents own their own home. Your parents only need to give the lender a limited guarantee for 20% of your purchase price plus fees. They are only responsible for 20% of the debt and as your equity increases with time they can be released from their guarantee. In effect you are borrowing 100% but there is no mortgage insurance- a great deal!
Before you go shopping for your first home, you really should have your finance pre-approved. See The Power of Pre-Approvals to find out how pre approvals can save you thousands.
We are in a classic buyers market. A pre approval helps you negotiate even harder, especially in this time of tight credit. A pre approval costs you nothing and obliges you to nothing but gives you a huge advantage over other buyers, and best of all it can be done over the phone no matter where you live.
Call now or fill in the contact form at the top of this page.
For a FREE phone quote and detailed analysis of your own particular scenario fill in the contact form on this page!