26 Mar 2022

First-Time Homebuyer: What Home Loan Product Do I Pick from My Trusted Mortgage Provider

The first-time homebuyer profile has changed. Previously, these homebuyers had an average of early 20s, had recently married, and just started their careers. In 2022, the average new homebuyer is closer to 40 years in age than 20. They have a career and might find themselves in a relationship but not married. Rising home prices in the Australian housing market and difficulty saving a 20% down payment delay the attempt to become a homeowner. 

Many industry insiders and the Australian government prefer that the young generation enter homeownership sooner rather than later. Thus, the government has invested in resources to help them. Moreover, the single-family mortgage is among the safest home loans. Lenders receive a wide safety net for this product.

New home buyers can apply for the conventional mortgage if they can provide three months of payslips and bank statements. Plus, they must place a 20% deposit. Those who cannot meet these requirements can apply for a Mortgage House family pledge home loan. We also offer guarantor mortgages. Parents play a big role in helping their young adult children become homeowners. If they sign on as a guarantor, it increases the new homeowner’s borrowing capacity and power. Thus, some first-time homebuyers can obtain up to a 110% loan-to-value ratio.

Plus, first-time homebuyers who intend to purchase a qualifying property can apply for the First Home Owners Grant. It helps pay off upfront mortgage application fees and closing costs.

First-Time Homebuyer Mortgages Conclusion

A first-time homebuyer has several resources and home loans available to them. Mortgage House works with first-time homebuyers to help them realise their homeownership dreams. Contact our loan specialists today.

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