If you’re a single parent, you will agree that sometimes it can be challenging to save a deposit to buy a home. And is especially if you are currently relying on a small income or paying rent for your current home. However, there are home buying initiates such as the government’s new first home loan deposit scheme that can make your dream of owning a home come true.
These include the first home loan deposit that helps you buy your new home with littledeposit. The new home guarantee that helps you buy or build your new home with higher price caps in given areas. And a family home guarantee that helps to support a single parent with a dependent to purchase a home with little deposit.
To see the scheme you qualify for, you need to read the eligibility criteria or contact the participating lender for more information.
The right company, together with the Federal government’s initiative will make it effortless for you to buy a home by giving you the ability to borrow a significant amount of the entire property’s value without having to pay for the lender’s mortgage insurance.
If you are a teacher, nurse, doctor, in the firefighter profession, and more, you don’t will most likely qualify for this. However, if you’re ineligible for all the schemes provided, you can take a home loan that lets you borrow with very little deposit but applicable mortgage insurance.
Choosing the best home loan for your needs
- Watch the fees
If you’re looking to get a home loan, you want to watch out for the interest rates as well as overall fees. That will make a significant difference in the total amount of pay at the end of the day.
Do not be shy to request better deals or choose the cheapest route if you cannot afford it. Some of the most common fees include the Lender’s mortgage insurance, application fees, valuation fees, monthly or annual fees, break costs, and so on.
You want to do a thorough job with your research so you can cut down on some of these costs. And choose the best lenders. Remember to check what is on offer. It will save you from paying some of these fees.
- Safety and security
You want to choose a financial institution for your home loan that offers safety and security. One way to do this is to ensure that they have been in the financial industry for a long time. And that they are regulated, authorized, and approved as a money deposit-taking institution. They also meet all the law requirements and obligations.
Additionally, you want to confirm that they offer convenient banking methods. Whether you need to transact via mobile banking or face to face, they should provide a range of convenient ways to make or receive payments.
Final thoughts
The right home loan will make your dream of owning your first house come true. You want to take your time so that you will choose a scheme that makes sense for you and your current financial situation.
