The low-deposit home loan is a unique program that allows first-time home buyers to purchase a house without having to make a large deposit. The borrowers who have taken advantage of this loan type have found it to be quite beneficial, allowing them to fulfil their dream of purchasing their own property.
Low deposit home loan for first-home buyers
When you decided to buy your first home there are a lot of upfront costs, including stamp duty, property insurance and council rates (If applicable). The low deposit home loans are designed to help you buy a house if you can only afford a small deposit, but what does this mean for you, and how do you get one? In this blog, we are going to cover all the aspects of the low home deposits scheme.
A Low Deposit Home Loan may be a solution if you don’t have a deposit saved
Have you been struggling to save up a deposit for a home loan? If so, you might be able to get a low-deposit home loan.
A low-deposit home loan is one where the amount of money you have to pay upfront is lower than the standard 20%. You can choose to pay less then 20% upfront.
This can be a good option if you don’t have much savings and want to buy a house sooner rather than later. It’s also great for those who don’t have enough money saved up for a home loan deposit.
How Do You Qualify for a Low Deposit Home Loan?
A Low Deposit Home Loan allows you to borrow the full amount of your loan with little or no deposit, so long as you meet certain eligibility criteria. These include being an Australian citizen or permanent resident with at least one year’s full-time work experience and having enough income to service the loan.
To qualify for this type of loan, you will need to have enough income coming in that will cover your repayments while still having enough left over each month to cover your living expenses. This means that if someone who has no income at all applies for one of these loans, they probably won’t receive approval.
Benefits of low deposit home loan
- With a low-deposit home loan, you can buy a home even if you don’t have much money saved for a deposit. This is especially helpful for first-time buyers wanting to enter the housing market with less than 20% deposit.
- Low deposit home loan makes your dream more affordable and can save you money on interest payments over time.
AffordAssist helps first-time home buyers to get into the Australian property market
AffordAssist, replaces the need for a typical deposit required and has been helping first-time home buyers get into the property market. With their innovative low-deposit home loan idea, you can buy a home even if you don’t have a lot of savings for a deposit. AffordAssist allow you to defer and pay your deposit amount later.
AffordAssist is a one-stop shop for first-time home buyers. Their team works with you to find the right loan for your needs and budget, and they offer several options for low-deposit loans and government grants. AffordAssist, has helped many Australians achieve their dream of owning their first home.