Rising property prices in the Sutherland Shire area combined with increased cost of living and stresses of daily life, mean that it is as difficult as ever to save a deposit to buy a home.
In 2015 Genworth conducted a survey of over 2000 Australian consumers to gauge the sentiment around the property market. This survey found that one in three prospective buyers indicated that high property prices are the greatest barrier to homeownership, whilst one in five suggested saving for a deposit was teh greatest barrier.
Lenders Mortgage Insurance, or LMI, could be the way around this deposit issue. LMI makes it possible to buy a home without having to save the 20% deposit.
Using LMI means that a homebuyer who is interested in a $500,000 property could potentially only have to save $25,000 (five percent) instead of $100,000 (twenty percent)
Want to know more about LMI and how it can help you enter the property market sooner, call Mortgage Choice Miranda on 9526 7888, visit our office on Shop 1, 599 Kingsway Miranda or we can come to you, we service all areas from Cronulla to Caringbah, Miranda, Gymea and surrounding suburbs in the Sutherland Shire