Home Loan deposits can be hard to save when you are paying rent and the usual living expenses, which have increased lately.
One new product has entered the market allowing clients to buy a home with a 2% Deposit, no mortgage insurance. Stamp duty will apply, based on the value of the home and the state which you are purchasing in.
Using this strategy, you may find that your income may be enough to be able to buy the house you want. A full assessment of your loan situation will be required.
Some incomes do not allow for home buyers to buy under the Government Scheme. Income thresholds apply as do the price of property – the property caps will vary from state to state.
The home loan will not suit everyone as the loan will rely on high income in the household.
If you are considering buying your next home, but have a little deposit, please reach out to discuss as you may be able to finally enter the market
