The Government has released a number of initiatives to help First Home Buyers get on the property ladder faster. It can feel a little overwhelming trying to understand all of the financial jargon and if you are eligible for the scheme. Let’s dive into the details.
First Home Loan Deposit Scheme.*
This scheme is designed to allow eligible first home buyers to purchase a home with a deposit of 5% without needing to pay lenders mortgage insurance (LMI) which can sting.
This initiative is a $25,000 grant to build a new home or start a major renovation. It’s available to eligible first home buyers and owner-occupiers that enter into a building contract between 4 June 2020 and 31 December 2020. Construction must be with a licensed builder, and has to start within 3 months of the contract date.
Want to know if you’re eligible for these schemes? Let’s talk, I’m here to help you understand your options and what you may be eligible for.
Getting pre-approved to buy during COVID-19.
We’re living in a new world and your situation 6 months ago may not be the same today. So, what does that mean if you’ve already been pre-approved?
Some banks and lenders are looking at pre-approvals with a fine-tooth comb to see if your circumstances have changed. For example, going through financial hardship due to losing your job or having reduced hours. If banks and lenders are concerned that you could no longer afford the loan then they may withdraw your pre-approval.
This is where I can help! If your situation has changed then let’s talk. I can check in on your pre-approval and help you navigate the process with the banks and lenders – I have access to over 60 lenders!.
Get the most competitive offer.
Has your Google search been “best rates 2020” or “who has the best deal”? Stop right there. I can help scour the market. I have access to over 60 banks and lenders and 1000’s of products so I can help find and negotiate the most competitive rate for you. I’ll look at your situation, loan features, fixed or variable and find what’s right for you.