Sell with Confidence
Read More
News

Lenders Offer First Home Buyers Helping Hand

By Rebecca Richmond

First home buyers should be able to jump on the property ladder sooner rather than later thanks to recent changes by some lenders to their guarantor requirements.

Loan Market Melbourne broker Alexander Heifetz said several of Australia’s lenders have amended their Family and Security Guarantee Loans in recent months, removing certain restrictions for guarantors to include extended family members.

The changes now mean a guarantor will no longer have to be a parent, sibling or spouse of the borrower for a security guarantee, formerly known as a family guarantee.

“This change in policy is going to help certain first home buyers with healthy incomes but limited savings enter the property market with help from guarantees who traditionally haven’t been allowed to put their support behind a low-deposit holder’s mortgage.” Mr Heifetz said.

“Most guarantee loans are a single loan secured by both properties; the property purchased by the first home buyer and the guarantors’ property. The benefit of this option is that there is no requirement to make a lenders mortgage insurance payment and that you don’t have to demonstrate that a deposit you have was genuinely saved.”

Up to Date

Latest News

  • How To Perfect A Bedroom Theme

    Want to redecorate your bedroom? We’ve got some expert tips on designing a space to suit your style. When it comes to any kind of interior design and styling, the first place to start is with a mood board. This process helps to refine your tastes. Find out exactly what … Read more

    Read Full Post

  • What Makes An Insta-Worthy Home?

    Apart from being immaculately tidy, there are a few elements these aspirational homes tend to share. Speaking to interior designer Emma Blomfield, we get to the bottom of what makes a place “Insta-worthy” and how you might reflect this in your home. Light and space Scroll through any designer or … Read more

    Read Full Post