How To Get Rid Of Those Deposit Saving Blues
What happens if you really want to buy a property but don’t have enough funds to make the necessary deposit?
Saving to buy a house can be difficult if you have rent to pay and other expenses affecting your ability to put money aside.
Though no deposit home loans may be a thing of the past, there are still ways that you can achieve home ownership while paying less upfront.
Those who can demonstrate a strong and stable source of income and a good history of saving may be eligible for a low deposit home loan.
The criteria for these loans can be very strict as those doing the lending will want to guarantee your ability to pay them back.
In some cases however, lenders will consider 12 months of continuous rental payments as part of a regular savings history.
First time house buyers may also be eligible for government assistance in the form of first home owner grants or stamp duty concessions.
A mortgage broker can help find lenders that provide home loan products to suit your circumstances and also help you find other ways to save money when buying property.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.