Stop Renting - Become An Owner Today
Those of you who have been tenanting for much of your adult life may have thought about buying property many times, but decided against it because of a lack of significant savings.
While it is true that you must meet strict requirements to secure a home loan, there are options for long-time renters that may help you buy property sooner.
Some lenders will let borrowers use rental payments as genuine savings if they have been paying it regularly for a period of at least 12 months.
It is important to remember that at the very least, you will be required to pay a deposit that is equal to five-to-ten per cent of the purchasing price.
And while using consecutive rental payments is acceptable to certain lenders, you will also need to demonstrate a strong, stable income and show at least some genuine savings.
A chat with your local mortgage broker can help you establish a strategy to secure the loan you need in a responsible and effective way.
The sooner you take action, the sooner you can move from tenancy agreements to ownership documents.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.