Saving for your first home can feel overwhelming but that’s completely normal. Whether you’re not sure where to start or want to get into the market sooner, we’ll guide you through low-deposit loans, guarantor loans, government initiatives, and savings plans, helping you explore your options so becoming a homeowner is within reach.
First home buyer deposit options
Your deposit is one of the most important considerations. Some people save for years… and some, well, life happens. At Resolve Finance, we can get our hands (and yours) on a range of products that suit different situations; from savings plans, through to low deposit and parent assist home loans.
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Home Buyer government initiatives
Australia’s federal and state governments offer a range of grants, concessions and low-deposit schemes to help first home buyers get into the market sooner. These could reduce upfront costs and give your deposit a helpful boost. Our mortgage brokers will walk you through what you’re eligible for, if you could access more than one initiative and support you through the process, step by step.
Loans, loans, loans: Let’s navigate them together
Algorithms and data can’t understand your goals and ambitions. That’s why every home loan journey with us starts with a chat. The better we understand you, the better we can recommend the right loan type for your situation and explain exactly how it works. Financial literacy is key when getting your first home loan, so you can make decisions with confidence and clarity.
Loan deposit options
The kind of deposit you have access to is a good starting point for any home loan decision. Some people save for years… and some, well, life happens. Whatever your deposit situation, there’s a good chance we can find you a home loan that is right for you. We can get our hands (and yours) on a range of products that suit different situations; from savings plans, through to low deposit and parent assist home loans.
Guarantor loans
You’ve probably heard of the “Bank of Mum and Dad,” but it doesn’t mean your parent/s need to hand over cash to get your home loan approved. With access to a wide lending panel offering eligible home buyers low-deposit guarantor loans, you could use the equity in your parents’ or a close relative’s home as extra security for your own. This could significantly reduce the deposit you need and, in many cases, help you buy your first home much sooner.
Once your home has built enough equity, your guarantor can be released from the loan – a great milestone for everyone involved!
Potential benefits of guarantor loans
If your home deposit isn’t quite there yet but you can afford the repayments, a guarantor could help you bridge the gap and boost your borrowing power. Even better – it could save you thousands by avoiding Lenders Mortgage Insurance (LMI), which typically applies when you have less than a 20% deposit saved.
