An Australian-based company in the Gold Coast is widely renowned for having developed a unique set of strategies to help first-home buyers purchase their first home.
Low Deposit Homes specializes in the first home buyer market and has worked with lenders to create specialized finance products that are not publically available, helping people make their dreams of home ownership possible.
For example, on a $650,000 home, the company is able to get people into a home with a deposit that is $50,000 less than what they would require with a major lender.
Many individuals and families in today’s market are under the impression they have to delay their dreams of home ownership due to the lack of a sizeable deposit necessary to secure a mortgage.
If you find saving up for a large deposit challenging, you don’t have to put off buying your first house. While most lenders prefer borrowers with a 20% deposit, a few specialized lenders will accept borrowers with as little as 5% deposit, and some accept even less.
Chaice Paterson, the founder of Low Deposit Homes says that the inspiration for introducing low deposit finance options to the marketplace originated from a recurring problem he encountered as a young broker.
Although he found that customers could easily afford the loan, saving enough funds for the deposit was always the main problem, with rising house prices and rising costs for rent, fuel and groceries.
“They would need to go away and save the deposit for years to be in a position to fulfil their dream of home ownership unless they came from a wealthy background where a family member could gift them a part or all of their deposit or had a guarantor,” he states
Understanding the ever-changing external environment, Chaice Paterson states, “we know our clients can pay things off. They just haven’t had the extra income to save the full deposit amount at the same time. The other issue is that prices continue to rise over time, so when people are saving, the market is outgrowing their savings. Effectively this means the goalposts are constantly changing.”
When seeking industry expert advice, a top lender will understand your circumstances in the current financial environment.
They will also be knowledgeable in grants and funding options and help you structure your loan so you can pay it off years earlier than what would be possible through other lenders.
Low Deposit Homes range of services and unique set of strategies have allowed them to rapidly expand to a national level. By prioritizing customers’ demands and needs and assisting everyday families in escaping the rent trap, they can confidently secure their first home years sooner than they otherwise could have.