The Lowdown on Your Loan Down Payment
One of the hardest parts of buying a first home for many people is saving for a home loan deposit.
It’s true that it may be the biggest thing you’ve ever saved for, so there is no wonder it can seem like a herculean task.
It can be hard to find extra money to put aside when you have rental payments to make at the same time.
There are real rewards for all your hard work however - your own home!
And there is no need to feel alone in your efforts. You may benefit from seeing a mortgage broker and asking them a simple question: how much deposit do I need for a home loan?
What a loan specialist can do is take you through all your deposit options and explain what the ramifications will be of a smaller - or bigger - deposit.
They’ll also explain what lenders are looking for in borrowers and how you may be able to qualify for a Low Deposit Loan by passing assessment criteria which will include demonstrating a strong income and at least some genuine savings.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.