Liberty assures first-time buyers that there are options
MELBOURNE, Australia, September 20, 2021 (GLOBE NEWSWIRE) – For first-time home buyers looking for a mortgage in today’s market, the list of requirements and stiff competition for properties can be overwhelming.
But the main non-bank lender Freedom assures first-time home buyers looking for a loan that there are options.
Often times, first-time home buyers take out low-deposit home loans because they haven’t had time to build up significant savings. Australian states and territories offer a variety of first-time homeowner grants and stamp duty exemptions or concessions to help eligible first-time buyers purchase a property.
Some lenders, like Liberty, may also accept deposits as a gift for first-time home buyers. The reality is that many first-time borrowers get financial support from family members. However, not all lenders who offer low deposit home loans will accept the deposits offered.
Free-minded lenders like Liberty also offer mortgage loans for first-time buyers who are self-employed or who may need a custom solution.
Hiring the help of a broker can help a borrower determine what mortgage would best suit their needs. A broker can also provide advice on a borrower’s eligibility for one of the many government grant and support programs, including:
- The First Home Loan Deposit Scheme (FHLDS) allows eligible borrowers with a deposit as low as 5% to get a loan for an existing property – without paying mortgage insurance from lenders.
- The First Home Owner Grant (FHOG) is a one-time grant that can be used to purchase a newly built home or to begin construction. Eligibility criteria and grant amounts differ between states and territories. In Tasmania, the grant amount is $ 20,000 while in Victoria, eligible borrowers can access $ 10,000.
- The New Housing Guarantee (NHG) is designed to help singles and couples who want to buy or build a new home. Like the FHLDS, borrowers could access a loan with a minimum deposit of 5%.
Even if you are not eligible for a grant, other options may be available. Your broker can help you find the right loan solution to make your homeownership dreams come true.
A broker can also help get indicative pre-approval on a home loan. This means that a first-time buyer can be more confident to make an offer as soon as they find the property that suits their needs and budget.
Liberty’s flexible credit reporting practices mean they are better able to help first-time borrowers, including those with low deposits, self-employed, or poor credit, secure a home loan. adapted to their needs.
Approved applicants only. Loan criteria apply. Taxes and fees are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit License 388133, operating together as Liberty Financial.
Group Manager – Marketing and Communication
Phone. : +61 3 8635 8888
E: [email protected]
Image 1: Freedom – Mortgage loans
Freedom – Home loans
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