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

  • Tips on how to style a kitchen countertop

    Between bulky kitchen appliances, multiple cords and dirty sponges, the kitchen countertop can be a beast of an area to keep clean, much less style with any degree of flair. Yet the kitchen countertop is “prime real estate”, according to interior stylist Carol Sae-Yang, meaning unneccessary and unsightly junk has … Read more

    Read Full Post

  • 4 ways to organise your living room

    Organising your living room means making it a more welcoming space for you and your family to enjoy some more relaxation time. Here’s how. Your living room should be a place that welcomes and nurtures you – your haven from the cares of the world and a place where you … Read more

    Read Full Post