Your deposit is one of the most important considerations. You may have been saving for years, or you may have no money put aside – at Resolve Finance, we understand that everyone is different. And that is why we have access to a range of products that will suit your personal situation.
Low Deposit Home Loans
Most lenders require a minimum of 5% genuine savings as deposit to purchase your first home. This means you must have the 5% deposit amount in your bank account for a period of time (usually three months) to prove to your lender that you’re able to save. However at Resolve Finance, we understand that you might not always be able to demonstrate genuine savings, or have the full 5% saved. That’s why we work with you and our extensive panel of lenders to find a home loan that’s right for you. We even have access to a number of products that may allow you to get into your new home without genuine savings, or with less than the full 5% deposit.
Keystart Home Loans*
For those who live in Western Australia and do not have their 5% deposit saved, Keystart can be a fantastic option. If you’re eligible, you can secure a Keystart Home Loan with just 2% deposit, of which 1% must be genuine savings. Even better, there is no Lenders Mortgage Insurance on a Keystart Home Loan, saving you thousands. If you’re building a new home your process is as affordable and stress free as possible.
*Keystart Home Loans are available in Western Australia only.
My Home Plan
My Home Plan is a tailored savings program designed to help you get into your own home. It’s built around your real-world income and expenses, and usually involves only a few tweaks to your spending habits. With the guidance of your own personal Finance Coach, My Home Plan is about putting you back in control of your finances and your future, so you can get where you want to go — even if you’ve been knocked back for finance in the past. (Find out more)
Guarantor Home Loan
Many first home buyers get their parents to help them secure a home loan, but it doesn’t have to be a cash gift. We have access to a number of products that allow you to use the equity in your parents’ home as security against your new home, called a Guarantor Loan. This will significantly reduce the deposit you need – possibly to even no deposit – as well as saving on the amount of mortgage insurance you’ll have to pay.
Parent Assist is an Australian first, which allows your parents to help you come up with a deposit without putting their own home at risk. Mum and Dad lend you the deposit in a formal arrangement at half the interest rate of your mortgage. So you save on mortgage insurance while still qualifying for the First Home Owner Grant and stamp duty concessions.