Sam and Amy – No Deposit Home Loan

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.

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    Facilitate Guarantor Home Loan

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    Facilitate incentives such as First Home Buyer Schemes

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    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

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