Tips & Advice

No deposit? No problem. A low (or no) deposit home loan can help

October 14, 2020

                   No deposit? No problem. A low (or no) deposit home loan can help.

We know how tough it can be to save for a deposit. Especially when you’re stuck paying rent, week in, week out. Even if you’re happy living with your parents right now, it’s a good thing to weigh up your future. As a first home buyer, did you know you could build a new home with a no deposit home loan? Yes, you read right … zero, zilch, nada. That’s because the First Home Buyers Grant can be used as a deposit to get into your first home. Failing that (or that elusive lotto win), you can also kick the hefty 20% deposit loan, and get a start on home ownership with a low deposit home loan that only requires a 2% deposit.

Here’s how …

 First Home Owners Grant.

You’ve heard about the First Home Owners Grant (FHOG), right? But did you know it might be easier to access than you think? And, if you’re building your first home, you can use the FHOG as a deposit. Yes! Naturally banks will still want to see your savings history, so don’t be rushing out to spend your spare cash. The best bit about the FHOG is you don’t have to pay it back. Now when was the last time you came across free money?

Your rental history is not wasted.

If you’ve done the sums, you know too well how much you fork out in rent. But all is not lost. Years of paying rent on time will help when you apply for a low or no deposit loan. It’s proof that you have the earning capacity and the discipline to pay your loan on time.

A helping hand from the folks.

Now, we’re not suggesting you ask Mum or Dad to hand over the deposit. But if they own their home, you can tap into that equity to guarantee your mortgage. While it’s a fab idea, you’ll want to be sure you don’t default on your loan, you know to keep things happy in the family.

 Ready to stop paying rent?

So, if you’re ready to put your savings, or the Grant, to work in building your home in the South West, then we can help. We’ve even designed a selection of homes just for first home buyers. We call it the Ventura First Range. Our team also knows the ins and outs of the different loan options, and can put you in touch with our home loan expert, when you’re set to go.

We know your first home is a big step; but know you’re in safe hands with Ventura South West.

Because, it’s our home too.

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