Single parents One of the first steps towards building your own home is working out finance. You need to find out how much you can borrow. And what loan is right for you. There are a lot of lenders and loans out there and buying a new home in Perth is one of the biggest investments you could make. We’re here to help you make the right choice! One misconception that people often have is that if you don’t have a huge deposit, then you won’t get approved for a loan. In actual fact, there are a lot of people that cannot afford to save a massive deposit, especially with some lenders requiring as much as 20%. The good news is that there are options available. Here are the benefits of a low deposit home loan.
Did you know there are ways to get into your own home without a huge deposit?
Contrary to popular belief, if you can’t save up a big deposit, it doesn’t rule you out of the home building market. There are other ways to obtain finance, including government grants and schemes. With the right loan, lender, and finance advice, you could get started with a low deposit, low interest loan that suits your budget! To find out if you are eligible, talk to one of our building consultants.
Is it your first time building?
If it is your first time building, you may be eligible for the First Home Owner Grant. This is a one-off payment to assist homebuyers to build a new residential property. Use the $10,000 payment as your deposit. It’s a great help for those starting out on their first home building journey. Click the following link to learn more about tips for first home buyers.
Are you a single parent looking to build?
Single parents benefit from the Family Home Guarantee Scheme. The Australian Government set it up specifically to help single parents build a family home. First home buyers and previous home owners can apply. This government scheme allows applicants to skip lenders mortgage insurance fees. You can get into your own home with as little as 2% deposit.
Are you eligible for Keystart?
Countless young West Australians have realised the benefits of a low deposit home loan through Keystart. They offers loans that have considerably lower entry costs than normal lenders. Get into a new home faster with a Keystart loan. With low deposit, reduced repayments during construction, and no genuine savings required, Keystart can help hopeful home builders realise their dream of owning their own brand new home.
With the help of grants and schemes that are currently available to home builders, you can get into your home sooner without the massive grind to save for your first home. If you are interested in finding out more, talk to a DreamStart consultant today.