Question 1

What interest rate will I get with a 5% deposit home loan?

Accepted Answer

Property finance interest rates are offered by lenders based on the individual assessment of the application. Low deposit loan rates are higher than standard deposit loan rates.

Question 2

What is a shared equity scheme?

Accepted Answer

A shared equity scheme involves the Government contributing to the loan for buyers with either a 2% or 5% deposit. In contributing to the cost of the property, the Government has a share in the property. When sold, the Government and homeowner share any gain or loss.

Question 3

Can I use my existing super with the First Home Super Saver Scheme?

Accepted Answer

The current Home Super Saver Scheme does not approve buyers to access their existing super for their home purchase. The requirements are that they can voluntarily contribute a set amount and then access that amount. Voluntary contributions to super may deliver tax benefits and higher earnings than savings accounts.

Question 4

Will participating in a government help to buy scheme affect my home loan?

Accepted Answer

Depending on the scheme selected, participating in government help with buying a home, buyers may achieve a higher, 20%, deposit which may allow for a better interest rate and easier approval than a low deposit loan.

Question 5

How do I know if I&#8217;m eligible for First Home Buyers scheme?

Accepted Answer

Buyers should check the eligibility criteria on the Government's First Home Buyer Scheme website.

Question 6

Can I build a house using government grants and incentives?

Accepted Answer

Some government incentives and assistance for home buyers does include support for building a house as well as buying an existing dwelling.

Question 7

What is Lender Mortgage Insurance?

Accepted Answer

Lender Mortgage Insurance is required by lenders on loans with low deposits and LVR above 80%. It is an upfront cost which is paid by the borrower.

Question 8

What is LVR?

Accepted Answer

LVR is the loan to value ratio. This is the percentage of the amount borrowed on the home loan compared with the purchase price or value of the property.

Question 9

Will my 5% home loan interest rates be fixed or variable?

Accepted Answer

Low deposit home loans may be secured at fixed or variable interest rates.

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