Securing Your First Home Loan - With a Little Help
Buying a home for the first time is an exciting milestone in many Australian’s lives, but people often arrive there at different stages.
As there are various paths that lead to home ownership, the key is to work within your personal situation to reach your desired outcome.
Speaking to a mortgage broker can shed some light on borrowing options available to you - whether you have been working and saving for years, just graduated from university or are about to start a family.
If you lack the savings for a deposit to secure a home loan, there are other options that may help you. Family equity loans, for example, can assist with the required financial commitment that a mortgage entails.
Your family member could be a limited liability guarantor - meaning that they would offer their property as security for part of your home loan, usually around 20 per cent. This approach helps to reduce costs such as lenders mortgage insurance.
Alternatively, your family member could become your income guarantor and agree to make your home loan repayments for a period of time. This strategy is great for starting a family or taking a study break.
Exploring different options with a mortgage broker could help you purchase residential property faster.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.