We live in a golden age of lending. Some say it’s really tough to get into the market but I say think again. Never been easier. Why? Your on-time rent is now your key that unlocks your finance. Assuming all other financial boxes check out of course like income, clean credit etc, you can now use whatever cash that is available to you like the FHOG, a builder cont
ributed deposit (we’re awesome at that), a gift, whatever. Even a personal loan for deposit is acceptable (last resort!!).
So do conditions apply? Absolutely. But it’s an easy one. Must be through a real estate agency. A private rental can be a possibility but there are much more stringent conditions that go along with this, and they are rarely approved. The banks NEED the word of an RTA approved manager and cannot accept the vouch from a Joe Citizen you are renting from. I get calls from clients too many times where they have JUST left an agency and gone private (or moved in with mum and dad) to save money, when their current situation in an agency run rental is good enough to start now. So if you are contemplating reducing your rent by jumping ship, PLEASE call us first to see if where you are at now will qualify you for your first home. You may be pleasantly surprised. We have some clients that got approved for their finance using a rental reference and THEN moved in with mum and dad. Because once you terminate your agency lease, you may literally have to start from square one. If you have SOME savings, renting through and agency and think you have enough income to get finance, email us on firsthome@mortgage-evolution.com.au and we’ll give it to you straight. Not ready now? We’ll tell you when. But you need to get in touch BEFORE you sign your private lease.
Want to know how easy it is to get your own place? Some excellent tutorial links below:
