In this example, let's assume you're a first home buyer and your building a new home worth $600,000. This allows you to take advantage of the First Home Grant and stamp duty concessions.
Bank Deposit (without MWC)
Many first home buyers will approach their bank to determine their borrowing capacity and deposit requirements. This is generally the old-school approach, and it may limit your options.
Most banks will require at least 5-10% deposit savings.
Lenders mortgage insurance will also be payable. This protects the lender and it allows you to borrow more towards your home purchase.
Bank requires $59,294 (5% plus+ LMI)*
- Going to your bank limits you to their loan products and interest rates. They won't tell you if there's a better offer elsewhere.
- Not all lenders are authorised for the government Home Guarantee Scheme. This scheme allows you to avoid lenders mortgage insurance.
- Banks generally won't consider the First Home Grant towards your deposit.
- Your deposit could be higher than it needs to be. This could delay your chance to get into the property market - setting you back trying to save as house prices rise, while also paying rent.
Low Deposit (with MWC)
Our low deposit strategy connects you to more lenders and allows you to use government grants to your advantage. This combined with our $10,000 deposit boost significantly reduces the savings required.
Our brokers work with lenders authorised for the Home Guarantee Scheme so you can avoid lenders mortgage insurance.
We help you to use the $30,000 Qld First Home Grant upfront towards your deposit.
We provide our $10,000 Deposit Boost (as a gift, not a loan).
Our builders don't require an upfront build deposit.
You need $5,000 (Less than 1%)*
- We use government grants to your advantage. This reduces the savings you need and you avoid lenders mortgage insurance.
- You're not limiting yourself to one banks products and interest rates. Our brokers have access to a range of lenders - this can maximise your borrowing potential.
- We're not like banks who turn people away. We look for strategies and solutions to help you. We provide our deposit boost and guide you through the process.
- Your deposit requirement is reduced significantly. This means you can get into the property market sooner.
Ready to own?
Our low deposit strategy is the smart way to buy a home sooner! Simply complete our free assessment online. This gives us a basic snapshot of your situation so we can determine your borrowing capacity, eligible grants and required deposit.
