If you’re a First Home Buyer looking to get into your dream home then you know its not always so easy to get the finance or depsit you need.
The good news is, there might be another way! In fact, there’s 5 alternative ways you could get a deposit and get approved for a home loan.
At Nicheliving Home loans we are the Alternative Funding Specialists!
Find out today if you’re eligible for 1 of these alternatives!
First home buyers, from July 1 2018 you may be eligible to withdraw from your superannuation account to help put together a home deposit.
If you qualify: you can only withdraw what you put in. You’ll need to send some of your salary off to your super in addition to what your employer already chips in. By doing this, you may be able to enjoy tax benefits that could help you build up funds for a deposit faster.
If your parents own their home, they could help you get approved for a loan!
Your parents can go as guarantors on your home loan by securing the loan against their property. This could allow you to borrow enough funds to purchase your new home, with no need for a deposit at all! Once you’ve paid off enough of your mortgage, or the value of your property has increased sufficiently, you may be able to apply to have the extra security released and guarantor discharged.
Borrow extra in the long term to help get into your own home now!
If you don’t have any existing debt, this could be an option for you. You may be eligible to take out a personal loan to put up the amount that’s needed for the deposit.
Do you already own a property? Did you know that you could use your existing equity as a deposit?
If you have enough equity in your current property you might not need to put forward any upfront cash~ at all. Get a property valuation with Nicheliving today to find out!
Did you know that some lenders will accept a deposit for a home loan, even if you didn’t save the money yourself?
If a friend or family member can gift you with a minimum of 5% of the purchase price, then you could be good to go!
Everybody is different and what may work for one person may not work for another. To find out if any of these alternatives could work for you, contact us today!
Terms and conditions do apply.
*Information provided is general, factual information only. Seek advice to suit your needs before proceeding.
^Typically, terms & conditions for personal loans will be at higher rates of interest & require repayment much sooner than traditional home loans.
~Exclusive of cash funds that may be required to cover transaction costs, fees, duties etc.