Home loan deposit help
Check out your different options
If you’ve got your heart set on buying a home but you haven’t saved enough money for the deposit, there are several types of financial assistance available in Australia today. Your professional ITP Home Loans broker will be able to talk you through these options, and will negotiate your home loan rates once you decide.
Guarantor home loans
Guarantor home loans are a very popular option if you don’t have the deposit for a home. Another party, usually your parents, uses limited equity in their own home to guarantee your deposit amount. One of the big advantages of this type of loan is that you don’t have to take out Lenders Mortgage Insurance.
Low deposit home loans
Low deposit home loans allows you to borrow up to 95% of your home purchase price. However, the interest rates on this type of loan are usually higher, and qualifying criteria is more stringent. You’ll also have to pay Lenders Mortgage Insurance.
If the funds for your deposit are temporarily tied up, for example in a cash deposit, an insurer can go guarantor for you for the amount needed. You won’t have to pay this until settlement. Deposit bonds are particularly useful for:
First Home Grant buyers, who may not be awarded their funds until settlement
Going to multiple auctions, to give you bidding flexibility
A friendly, professional ITP broker is the best person to talk to if you need home loan deposit help. We’ll talk through a number of different options with you, and find the most suitable loan type and interest rate for you. Email us, or make an appointment to see an advisor face to face. Alternatively, give our helpful ITP Home Loans consultants a call today on 1300 387 487.
In the meantime, check out our handy home loans calculator, to give you an idea of how much you can borrow.