Eligibility Criteria: You must be an Australian citizen or permanent resident, and you must be planning to live in the property as your primary residence.
Government Schemes: There are several government schemes available to support first-time buyers and those looking to purchase a home with a 5% deposit. These schemes include the First Home Loan Deposit Scheme (FHLDS), the First Home Super Saver Scheme (FHSSS), and the Family Home Guarantee.
Lenders: Not all lenders participate in the 5% deposit home loan scheme, but some major banks and mortgage brokers offer this option. You will need to do your research to find the best deal.
Lenders Mortgage Insurance (LMI): If you have a deposit of less than 20%, you will likely need to pay LMI. This insurance protects the lender in case you default on your loan.
Repayments and Interest Rates: You will need to make regular monthly payments to cover the interest on your loan as well as some of the principal. The amount you’ll need to pay each month will depend on the size of your loan, the interest rate you’re charged, and the term of your loan.
Additional Costs: You will need to factor in additional costs such as stamp duty, legal fees, transfer fees, and mortgage registration fees.
Credit History and Debts: Your credit history and debts will be taken into account when applying for a home loan. You will need to demonstrate that you have a good credit history and manageable debts to be eligible for a 5% deposit home loan.
Types of Properties and Loans: You can consider various types of properties and loans, such as newly constructed dwellings, residential properties, off-the-plan dwellings, house and land packages, and refinancing options.
Alvida Loans Company are experts in the field and can guide you through the process. Don’t hesitate to reach out to us for assistance. We are here to support you on your journey towards owning your dream property.
