For the Struggling First Home Buyer
We just came across this little news grab about the possibility of First Home Buyers borrowing 100% of their home loan. This removes the need for up-front genuine savings and is replaced by evidence of a strong rental repayment history.
HOWEVER, when you scroll down to the bottom of the article, you read the disheartening quote: “If Australia’s banks were to offer 100 per cent home loans once again, they would be exposing themselves to a high level of risk,” Mr. Flavell told news.com.au. “In Australia, we need our banks to be strong and safe.”
BUT don't feel too disappointed, because at Brunslea Park, our thoughts are always with those we feel have less choice and less luck when it comes to building their own home. We believe a home is one of the most important things a person can have in their life. And we aren't just thinking about the first home buyers, we're thinking about those families who are already servicing a mortgage, or renting, or paying off a car or business loan, that want to a fresh start too!
That's why we sell LAND ONLY at Brunslea Park. This means, that instead of going for a house & land combined loan of $380,000 plus, you have the choice to go for a loan for your land only for around $115,000 (dependent on lot choice and contributions).
This gives you time to save while you make repayments on the land only. It also allows for the ability to secure your perfect block of land, while you wait for your house to sell, or while you continue renting. Then, when you're finally finished with design ideas for your dream house plan, sold your house, finished your rental lease or have a bit more of a deposit behind you, PLUS equity, PLUS the first home buyer grant ($10,000 or New Home Grant $5,000), you can go for your construction loan.
On top of that, we have lowered our exchange deposit to $5,000. That's all you need to secure land before repayments are made upon settlement.
It takes the people to create a community, and that's why we put what you need first, before the finished product of your home. We would love to help and are always up for a chat to discuss your options.
Download our House & Land Package eBook to get excited about the possibility of a FRESH START and we will send you heaps of valuable information from there to get you well on the way.
It's not impossible. It just takes courage, and a bit of creativity!
Have a great weekend!
- Your Brunslea Park Team