Make The Jump From Tenant To Homeowner With A Mortgage Broker

If you've been a tenant for most of your life, no doubt your mind has wandered to homeownership at least once. Perhaps you decided against making the move due to a lack of savings or funds?

While it is true that there are requirements that need to be met for home loans, there are options for long term renters that may help you make the transition to homeowner faster than you expect.

For example, some lenders will let you use regular rental payments to fulfil their genuine savings criteria – as long as you've paid them consistently, without trouble, for the past 12 months.

Its also important to remember that a home deposit is, at the very least, around five per cent of the properties purchasing price – so it might be time to pick up a budget and start saving!

Having a strong, stable income and some general savings will also go a long way to convincing a lender to help you with your mortgage.

Having a chat with a mortgage broker will help you to find the best home loan options for your situation – they can help you to create a strategy and realise your property dreams as soon as possible.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.