Are you serious? Yes! With a Deposit Loan!
The finance broker arm of Madison Wells Pty Ltd, trading as Astute St Leonards, has partnered with another specialist to help more people get into a home!
One of the Biggest Issues Today is the Deposit
As properties get more and more expensive thanks to ever increasing competition for a home, it becomes harder to save for that elusive 20% deposit. Some lenders have provided 90% loans for a while and often these attract Loan Mortgage Insurance (LMI), which is a cost that the buyer has to bear.
Now there is another option that gets a buyer into a home using a Deposit Loan that tops up any savings to the 20% required. This means no LMI and a competitive rate across the loan structure.
The Deposit Loan Structure
The loan is split between the deposit loan and the lender who provides the other 80% to buy the property. The loans have a competitive aggregated interest rate compared to the main lenders.
A buyer can now get on the property ladder for just 2% of the property value (+GST) upfront. Remember, standard government fees (transfer duties etc) will need to be factored in. Like all loans, it is subject to eligibility and assessment. Lending criteria, term and conditions will apply.
Why not book some time with me to discuss how we can help you buy a property with small savings. Click here to access my calendar.
