Liberty assures first homebuyers that there are options

Liberty - Home Loans

For first homebuyers looking for a home loan in the current market, the list of requirements and high competition for properties can be overwhelming.

But leading non-bank lender Liberty assures those first home buyers looking for a loan that there are options.

Often, first home buyers take out low deposit home loans, because they haven't had time to build significant savings. Australian states and territories offer different first homeowners grants and stamp duty exemptions or concessions to help eligible first-time buyers to buy a property.

Some lenders, like Liberty, may also accept gifted deposits for first home buyers. The reality is that many first-time borrowers get financial support from family members. However, not all lenders that offer low deposit home loans will accept gifted deposits.

Free-thinking lenders like Liberty also offer home loans for first homebuyers who are self-employed or may need a custom solution.

Engaging the help of a broker can help a borrower determine which home loan would best suit their needs. A broker can also provide guidance on a borrower's eligibility for one of a range of government grants and support schemes, including:

  • The First Home Loan Deposit Scheme (FHLDS) allows eligible borrowers with a deposit as low as 5% to get a loan for an existing property - without paying Lenders Mortgage Insurance.
  • The First Home Owner Grant (FHOG) is a one-off grant that can go towards buying a newly built home or embarking on a build. Eligibility criteria and grant amounts differ between states and territories. In Tasmania, the grant amount is $20,000 while in Victoria, eligible borrowers can access $10,000.
  • The New Home Guarantee (NHG) is designed to help singles and couples looking to buy or build a new home. Like the FHLDS, borrowers could access a loan with a minimum deposit of 5%.

Even if you're not eligible for a grant, other options might be available. Your broker can help you find the right lending solution to make your homeownership dreams a reality.

A broker can also help to secure an indicative pre-approval on a home loan. This means that a first homebuyer can be more confident about putting an offer in as soon as they find the property that suits their needs and budget.

Liberty's flexible credit assessment practices mean that they are more able to help first-time borrowers - including those with low deposits, self-employed or poor credit, to secure a home loan to suit their needs.

Approved applicants only. Lending criteria apply. Fees and charges are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit Licence 388133, together trading as Liberty Financial.

Heidi Armstrong
Group Manager - Marketing and Communications
P: +61 3 8635 8888

Source: Liberty Financial


Categories: Governmental Banking, Commercial Banking, Banking, Finance, Insurance, Consumer Banking, Banking, Finance, Insurance, Finance, Financial News, Mortgages and Loans

Tags: Australia, Home Loan, Home Loans, Liberty

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