Let’s be honest, saving for a house deposit can be challenging when you have to pay rent and sometimes ‘life happens’. So can you still achieve your dream of home ownership without having a full deposit? Yes, there are options available.

First Home Loan Deposit Scheme

This is a Federal Government initiative that is available to assist first home buyers to get into their own homes.  You need a minimum deposit of 5% plus costs and it needs to be genuine savings to be eligible.
The government has appointed a range of lenders to provide loans under the scheme. Placements are being offered each six months – 1 January and 1 July and while there are no guarantees about future places and numbers the last 2 releases have allowed for 10,000 loans.
There are other eligibility criteria so please feel free to get in touch to arrange a meeting to discuss these.

Lenders Mortgage Insurance

Again if you have a minimum of 5% plus costs, you may be eligible for Lenders Mortgage Insurance (LMI). LMI is an insurance policy that you purchase to protect the lender (in the event you default) to allow them to lend you more than 80% of the value of the property.
Costs and premiums vary between lenders so again, arrange an appointment to go through the various choices. For full details, please get in touch for a chat.