The kind of deposit you have access to is a good starting point for any home loan decision. Some people save for years… and some, well, life happens. Whatever your deposit situation, there’s a good chance we can find you a home loan that Resolves it for you. We can get our hands (and yours) on a range of products that suit different situations; from savings plans, through to low deposit and parent assist home loans.
Low deposit home loans
Most lenders will ask you for at least 5% genuine savings as a deposit for your first home. ‘Genuine savings’ usually means the money needs to have been in your account for at least three months. For a $500,000 loan, that’s $25,000 – many first home buyers won’t have that kind of money sitting around. So, we can work with you and our panel of lenders to find home loans that are a little more realistic. In some cases, we can even help you access a loan with no genuine savings.
Supporting you on your path to approval
If you need some support along the way, My Home Plan is a tailored savings program designed to help get you into your first home. We take a look at your income, expenses, savings and debts, and put you on a path to home loan approval. It usually involves a few simple but effective tweaks to your spending habits, helping you take control and get where you want to go – even if you’ve been knocked back for finance in the past.
Guarantor loans
You may have heard the term ‘The bank of mum and dad’, but you don’t have to ask them to drop $25,000 cash in your bank account to get approved for a loan. We have access to several low deposit home loans that allow you to use the equity in your parents’ home as security against your new home. It’s called a guarantor loan, and it can really reduce the deposit you need to get started.
Let’s Resolve it
If you’re unsure about how to start the process, it’s best to speak to a Resolve Finance mortgage broker as soon as possible. We’ll work with you to understand your situation, to establish your borrowing capacity and home loan requirements. Getting this advice upfront means you can choose your new home with a clear budget and confidence in your financial position. We’re here to resolve it.
Saving for a deposit can be a tough but very rewarding process. You might choose to put a portion or percentage of your income into a separate account, and save any lump sum benefits on top of this, but there are numerous ways to save. If you’re having trouble saving for a deposit, why not talk to one of our My Home Plan finance coaches. We’ll work with you to set a budget and provide you with guidance and support to help you reach your savings goals.
The First Home Owners Grant is a government initiative to help first homebuyers into the property market. It’s a genuine, one off grant that never has to be repaid. Each state manages their own First Home Owners Grant; however, there are a number of criteria that you must meet Australia-wide to be eligible.
Lenders base their approval process on a number of complex factors, and they all have varying policies on their home loans. That’s why it’s so important to have the knowledge and experience of a Resolve Finance broker on your side.
Some examples of the types of genuine savings a lender may consider include: a pattern where money is added to an account regularly, sale of a property resulting in a positive asset position and cash, where you’ve been paid an amount of money as a lump sum. If you don’t have genuine savings, we will work with you and our lenders to find a home loan that’s right for you.
Find your local Resolve Finance mortgage broker
We want your finance journey to be as seamless as possible and what better way to start it than by speaking to a mortgage broker in your local area.
Choose your Resolve mortgage broker