First Home Buyers find it hard to qualify for the 90% or 95% bank funding, mainly because they do not have a sufficient deposit required by the banks. For example a new house priced at $400,000 requires $20,000 to $40,000 cash deposit, PLUS the establishment costs such as loan set up costs, legal fees, and sundry items can add up to another 3% of the purchase price.
Is it any wonder that First Home Buyers find it near impossible to purchase their first home. Most agree that being in the position of living pay day to pay day with very little money left over at the end of the week makes it extremely difficult to save enough to get into their first home. Especially when home prices rise faster than wage increases. Compare house prices from 10 years ago. They have mostly doubled. This is what you could miss out on – an opportunity.
Betterway Homes can help you get out of the ongoing rent trap. Lets together find you a solution to the problem plus many of the other benefits home ownership brings. Firstly, our nominated mortgage professional arranges approval for a 90% or 95% bank loan. Then the remaining 5% or 10%, PLUS establishment costs, is provided to you by another Lender at a similar interest rate as the first mortgage, which is repaid up to 7 years that suits your income.
The idea is simple. Borrow the whole lot and move into your own home and then work at paying off both loans simultaneously. Yes, in most cases the loan repayments are higher than your current rent. But it’s your own home to do what you please and you get to enjoy the financial benefits of any capital gains and keep all the profits if sold later on. And it won’t be subjected to ongoing annual rent increases with your hard earned money going towards paying off someone’s home and asset. Rents have been increasing at an average of 5.3% annually over the past 5 years but has your annual wage increases been keeping up?
The 100% PLUS finance solution makes it possible for you to get out of the rent trap and move into your very own first home. There is no better time than to Act Now especially with house prices on the rise! If you live in Queensland or New South Wales, you can also benefit from the State Governments First Home Owners Grant (FHOG) currently up to $15,000. Take it while it’s on offer. How long will it take you to save $15,000 tax free? Plus there is a massive savings on Government stamp duty.
Start today to further secure your financial future. Why should you miss out? Speak with your consultant at BetterWay Homes Now and do it the BetterWay.