What Financing Is Available for First-Time Homebuyers?
The Australian government wants renters to become homeowners. With expert opinions, they believe that homeownership is the best way to build wealth. Therefore, first-time homebuyers have several resources available to them. For example, you can apply for the First Home Owners Grant. The fund helps offset the upfront fees associated with establishing a mortgage application.
Mortgage House first-time homebuyer mortgages include:
- Chameleon Freedom Home Loan
- Affordable First Home Buyer Special
- Essentials Low Rate Home Loan 90
Each mortgage features an interest rate below 3%. Plus, you’ll find that most have a:
- Redraw facility
- Offset account
- Additional repayment
The Mortgage House Essentials Low Rate Home Loan 90 funds a 90% loan-to-value ratio. Other mortgages require a 20% deposit and will fund an 80% LVR.
To improve the homebuyers’ borrowing power and capacity, first-time homebuyers can apply for a family pledge or guarantor mortgage. Some parents will help their children become homeowners. Thus, they apply with their children for these mortgages.
To help the process move smoothly, Mortgage House provides several online resources. We help our clients prepare for the application process. If you’re in the market for a vehicle, too, check out our car loan calculator for free.
First-Time Homebuyers Conclusion
First-time homebuyers who apply for mortgages through Mortgage House will find that they have several options available to them. Our loan specialists walk you through the process. If you need to apply for a family pledge or guarantor mortgage, we help all parties organize their paperwork. Contact our team today.