Stop Renting Today

If you have been renting for a long time, you will be aware that weekly and monthly payments can eat away at your income.

Chances are you have a little money in the bank, so it may be time to think about a home loan. A mortgage broker can help determine if you can turn those lost rental fees into a mortgage payment.

Low-deposit home loans are an option - they only require a five or ten per cent deposit, depending on your personal situation.

There are even some lenders that will accept rental payments as genuine savings in your home loan application - a mortgage broker can explain how this option will work best for you.

If you do not have savings but are employed and earn a healthy income, it may be possible to obtain a home loan through family equity.

Family equity loans can be acquired if a family member - usually a parent - assists with the purchase of a home, either by providing security using the equity in their home to cover the deposit amount, or by guaranteeing a portion of your on-going home loan repayments.

There are many ways to get you out of that rent-paying rut and into a new home. Speak to a knowledgeable mortgage broker today to explore all of your options.

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