Happy June! If you’ve looked at property prices lately and felt a sudden urge to laugh so you don’t cry, you’re definitely not alone…
The leg-up you might not know about
I saw a meme the other day that hit a little too close to home:
My grandparents bought their house on a 15-year mortgage and paid it off early.
My parents bought their house on a 30-year mortgage and paid it off on time.
I bought my house on an 80-year mortgage, and my grandkids plan to refinance it!
It’s funny because it hurts, right? With the way the property market has been moving, getting a foot in the door can feel like you’re signing up for a multi-generational debt cycle. But there are some incredible legs-up available right now to help you (or your kids) get into the market sooner, without needing a massive 20% deposit.
Here are a few game-changers we’re working with every day:
- The First Home Guarantee: Buy a home with as little as a 5% deposit and skip paying Lenders Mortgage Insurance (LMI) entirely. The government guarantees the rest.
- The Family Home Guarantee: A fantastic initiative helping eligible single parents buy a home with a deposit as low as 2%, with no LMI.
- Family Guarantees (Guarantor Loans): If you have parents with equity in their property, they can guarantee a portion of your loan. This can get you to a 0% deposit and save you thousands in upfront fees.
Why we’re not your average bank
Speaking of banks, it reminds me of a joke…
A man went to a local bank after hearing they offered mortgages with absolutely zero interest. He walked up to the bank manager and asked, “I’m here to find out about your no-interest mortgage.” The manager looked up from his desk and replied, “I don’t really care!”
Ba-dum-tss. 🥁
Look, the big banks might feel a bit “no-interest” when it comes to your personal story, but over here at Love Home Loans, we actually do care. (It’s literally in the name!)
We love sitting down with our clients, hearing about your plans, and figuring out how to get you from where you are now to where you want to be in the future. Whether you’re buying your first home, looking to upgrade, or just want to make sure your current loan isn’t costing you a fortune, we’re here to help map it out.
