May 30, 2013
It’s a good idea to save a big deposit for your first home – a consistent savings history demonstrates you have the financial discipline that’s necessary to repay a loan. The challenge for many buyers, especially in capital cities, is that it can take years to save the amount you need. Even after years of saving you might still get hit with a large Lenders Mortgage Insurance premium when you buy.
We can show you how to buy your first home much sooner and avoid Lenders Mortgage Insurance. You need to have a family member who owns property and is prepared to help you out. Ask them the approximate value of their property, which lender they use (if any), and how much they owe. We will advise if you can take advantage of this lending option. We can also send you a one-page fact sheet to start discussions with your family.