First home buying without a deposit
Sam and Amy were long term renters who were ready to purchase their own home, but found it difficult to save for a 20% home loan deposit due to the cost of rent and everyday living expenses.
Sam and Amy – No Deposit Home Loan
Facilitate Guarantor Home Loan
Facilitate incentives such as First Home Buyer Schemes
Purchase of first home
Our proposal
After exploring different possibilities for attaining a home loan, Intuitive Finance worked with Sam and Amy to determine the best route for them would be a Guarantor Home Loan. Due to their ability to consistently pay rent on time, they were able to show their lender that they could meet the deposit requirements. We also proposed that the young couple make use of the First Home Buyer scheme in order to ease the financial burden of their initial costs as well as long-term repayments.
The Outcome
Amy’s auntie was happy to guarantee the loan, and by proving both the consistent ability to meet repayments and having Amy’s auntie offer up the equity on her home as collateral, their lender felt safe and happy to offer a loan with effectively no deposit. Sam and Amy also obtained First Home Buyer incentives such as reduced stamp duties, which lowered their costs and assisted with the overall structure.
Andrew Mirams is the Founder and Managing Director of Intuitive Finance, a highly respected and multi-award winning Mortgage Brokerage dealing
with clients all over Australia and around the world. Andrew has over 30 year’s experience in the finance industry and has assisted clients to secure over $2 Billion in mortgage lending over his time. Intuitive Finance deals with all aspects of lending from helping first homebuyers, someone wanting to upgrade their home or starting out and experienced investors looking to secure that next investment property, we can assist with all those requirements. We also specialise in working with self-employed clients and getting them the best outcomes, along with Commercial and Asset finance solutions. Intuitive Finance is highly regarded in the industry and has been recognised as a national winner of the MFAA customer service award and also one of the finance industry’s top mortgage employers. Our brokers also feature regularly in the Top 100 mortgage brokers list in Australia.
with clients all over Australia and around the world. Andrew has over 30 year’s experience in the finance industry and has assisted clients to secure over $2 Billion in mortgage lending over his time. Intuitive Finance deals with all aspects of lending from helping first homebuyers, someone wanting to upgrade their home or starting out and experienced investors looking to secure that next investment property, we can assist with all those requirements. We also specialise in working with self-employed clients and getting them the best outcomes, along with Commercial and Asset finance solutions. Intuitive Finance is highly regarded in the industry and has been recognised as a national winner of the MFAA customer service award and also one of the finance industry’s top mortgage employers. Our brokers also feature regularly in the Top 100 mortgage brokers list in Australia.
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