Make The Transition From Renting To Homeownership
Making your first step onto the property ladder can seem daunting initially particularly if you are a seasoned renter.
However, there are a few options available which may make the transition easier.
Saving for a home deposit can be a challenge when you are also paying rent and other expenses and this is where a low deposit home loan may help you achieve your homeowner dreams.
A low deposit home loan may be just what you have been looking for to help you make the move from renting to owning your own property.
Recent changes to the bank and lending criteria at certain banking institutions mean it is now possible to use a 12 month record of rental payments to obtain this type of home loan.
This payment record can form part of the genuine savings requirement that you may need to access this loan.
Finding the right type of home loan to fit your requirements comes down to knowing exactly what each lender is offering.
If you have been renting a property for a while, you may not have been able to save a lot of money for a house deposit. This is where discovering the options for you is important. In this circumstance, discussing your situation with a broker may be a good move for you.
From there you need to be able to pinpoint which of the available home loans is going to meet your needs best, especially when it comes down to how much of a deposit you can provide.
To get more detailed information about your situation, talk to a Loan Market mortgage broker today.