Hi all, just stumbled across this 2% deposit required max household income of 140k 2% deposit No LMI current interest rates seems extremely good value for a beginner / low income earner. http://www.qld.gov.au/housing/buying-owning-home/qld-housing-finance-loan/ thoughts?
yea thats what i thought its not really a investor product but its seems like such a good deal for the average person who only wants 1 property.
The real question is can the FHOG be used for that 2% Deposit or does it need to be genuine Savings? That would get a LOT more people on the property ladder if you could.
To be eligible for the loan you must: live in Queensland and be a citizen or permanent resident of Australia not own or part-own another property have a household income under $141,000 per annum intend to live in the home have a good credit history have no significant debts have a regular savings history have savings to cover the deposit and other costs, such as legal fees, stamp duty and insurance be able to afford the loan repayments without hardship have earning potential for the term of the loan. I think you would need to show some savings.
I was looking at a similar program in SA recently, but the interest rates looked terrible in comparison to the competition: http://www.homestart.com.au/home-loans/Low-deposit-loans/homestart-home-loan
Is that the one that first home buyers get first opportunity to buy a property for a certain amount of time?
We have a similar thing in WA, Keystart. You do need genuine savings for ours. Rates are much higher and assessment rate is 8%. It's pretty strict but can be helpful for some borrowers.
