Real Ezi Homes is revolutionising the first home-buyer market by creating the ‘First Home Buyer’ affordability program.The First Home buyer affordability program now makes it easier than ever to enter the home ownership market and jump off the rental merry-go-round.A common problem experienced by people renting is that they find it difficult to meet banking requirements when trying to raise the deposit.
Many banks are seeking at least 5% of the purchase price saved in a bank account for at least 3 months. In banking terms, this is referred to as “Genuine Savings”. Banks will disregard any family gifts or grants that you might hope to include as part of this 5% requirement.
Karl Mifsud, who has experienced great success assisting first home buyers into becoming home owners, understands that all banks and lenders are not the same. Having specialised credentials after working in the banking industry for over 15 years, he’s well aware of the fact that banks reflect different lending guidelines.
Karl shares the fact that “it’s not until you actually examine the lending policy of a potential bank that you discover how it can be done”. The reality is that the “consumer and many mortgage brokers are not experienced in this lending and that’s where our years of experience works to your advantage”.
The reality is that if the consumer can actually show good rental conduct, s/he will meet the genuine savings banking requirement. This means they don’t have to outlay the 5% saved in the bank, as it can be derived from other sources.
There are other lending requirements, such as being able to afford the new loan, as well as having stable employment and a good credit rating.
The New Home Affordability program offers repayments on the new home worth $490,000 of between $140 and $295 per week, depending on your deposit level and structure.
This is achieved through the affordability program and provides additional support to constitute part of the repayments. The outcome affords you the ability to obtain your own home with the mortgage in your name only. This program provides the assistance to make it possible for many Australians who thought it impossible. These programs have received support from major banks in Australia and reveal the way in which you can combat rising house prices that currently place home ownership out of reach for many.