T: (08) 8298 4660

 

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OwnHome
advisor now

OwnHome Pty Ltd
PO Box 345
Daw Park SA 5041
Email: sales@ownhome.com.au
Ph: 08 8374 4333
Fax: 08 8374 4233


Home Loans

First Home Buyers

Purchasing your first home is an exciting, life changing milestone for anyone; all those years of saving your money to enable you to have a piece of land you can call your own. Although exciting, without some assistance it can be a stressful process, not knowing how much you can borrow, what your repayments will be, how much deposit you need, how much you are looking at in fees and charges, exactly how the first home owners grant works and how much are you entitled to; these are just a few questions that you may be thinking.

Many first home buyers deal directly with a bank that they have had a relationship with in the past or that their parents are currently banking with. There is an expectation that the bank is offering you their best product for your individual situation. There is also the assumption that all banks are the same but believe it or not that couldn't be further from the truth. It is an extremely competitive market and the banks and financial institutions are competing against one another to get YOUR business, the majority of people do not shop around with various financial institutions; who has the time or really understands their options? This is where we at OwnHome come in, we work with you to determine your borrowing needs and capability, select a loan from a variety of financial institutions that best suits your circumstances and manage the process through to settlement.

Guarantor/Family Pledge Loans

In the banks eyes, if you borrow more than 80% of the value of your property then there’s a chance that they will lose money if you can’t make your repayments. Due to this, when you purchase your home they charge a fee known as Lenders Mortgage Insurance as protection against potential loss; this fee can be very costly. In recent times the option of no deposit home loans has been withdrawn from financial institutions and guarantor loans are now the only way to borrow 100% of the purchase price or more.

Guarantor loans enable family members with equity in their own property to help their children with additional security, allowing their children to borrow up to the full cost of the home. This type of loan is aimed at both home buyers and investors who are able to repay the loan but have insufficient funds for both a deposit and associated costs. At a later stage, as the value of the child’s home has increased and repayments to the property have been made, the child may refinance and become sole title holders of the property. The benefit of this loan is that no monetary value needs to be exchanged; rather financial institutions use equity in the property as security. Although this is the case we still recommend agreements being documented for clarity, security and peace of mind

Guarantor loans have several benefits:

  • Save money by avoiding Lenders Mortgage Insurance
  • You don’t need a deposit
  • You can borrow 100% or more of the purchase price

(click on Educate Me and search our article library for more information)

Difficult Loans

Do you fit into one of these categories? Don’t despair, OwnHome can help!

  • Don't fit the Bank's criteria
  • Bad Credit rating
  • Incomplete Financials
  • Self-employed with poor Financials
  • Bank saying no

At OwnHome we have a number of none complying lenders who will look at any situation. If you are looking for that second chance or you are self -employed with you financials not up to date. No longer are those hard to get loans, hard to get!

  • Short term employment
  • Recent discharge from bankruptcy
  • Unpaid defaults or judgments
  • DSS pension income
  • No need to produce financial
  • No proof of savings history (gifted deposit)

If you find yourself in any of these situations contact us now or click on the Application page and send us your details.


 

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