I am not related to the person I want to buy a property with – can we still get a mortgage?
Absolutely you can! Imagine banding together with your trusty friend—or friends—to embark on an exciting real estate adventure. You can pool your superpowers. Combine your resources, financial prowess, and credit scores to snatch up your dream property.
Welcome to the world of co borrowers! This alliance allows you and your fellow borrowers to co-own a piece of real estate, sharing all the potential treasure (profits) and the twists and turns along the way. By joining forces, you increase your buying power, putting you in a much stronger position in the quest for the perfect home.
So, yes, friends can team up to conquer the housing market. It’s all about leveraging your collective strength to make your real estate dreams a tangible reality. Who says you can’t mix friendship with finance? In this adventure, it’s your greatest asset.
I am a 50-year-old single again, can I access the First Home Buyers Grant?
First home buyers are not always young couples or singles. They can be single again mums or dads or more mature singles who have never been on the title of a property. With the grants available, your own home may be in reach. You could potentially buy a house with 5% deposit and a little extra for some costs. If you ever thought about buying your own home, now may be the perfect time to find out more.
Even without a deposit , we could put together a plan for you to be able to buy in the near future: trial mortgage.
So can I use the First Home Buyers Grant and then rent out my new property?
A first homeowner is someone who has purchased their first residential property, typically with the intention of living in it as their primary residence.
You must move into the property within 12 months and live there for at least 6 months. After that it is your choice to stay there or rent it out.
I am a single woman who doesn’t have a huge income. Can I still get a home loan?
Rentals are hard to come by and can be as expensive as buying a home. With the current govt incentives, as a single parent you only need 2% of savings to be able to buy a house – as long as you can service the debt. There are lenders out there who will accept all types of income including FTA & B and Child support no matter the age of the kids.
I don’t have a deposit. My earnings are average, but I want to own my own home. Is there any chance of me doing that?
Over the 20+ years we have been helping people buy their own homes, we have spoken to many people about how to change their existing situation. We put together a plan to help them get themselves into position to be able to buy. It is rarely an instant fix, but once you have a plan, there is direction and purpose. You do have a chance and we can help make it happen!
What are the things I need to think about if I am serious about buying my own home?
There are a couple of things that are worth thinking about:
- How much do you pay in rent? Do you know that if you are paying $450 a week in rent that would pay off a $322k home loan?
- Are you Self employed? What do you pay yourself? You can either not pay tax or buy a house… Can’t do both in the same year.
- What do I need to buy a house? Deposit and income. Minimum 5% of purchase price plus costs – 2% if you are a single parent.
How do I get a deposit?
We can help you have a trial mortgage. If you are thinking that a home loan of $500k is right for you then let’s work on that. That will cost you around $3026 per month OR almost $700 a week. If you are paying $550 per week on rent, then try putting aside another $150 per week into a separate account. Can you do that? If not then 2 solutions: earn more money; or adjust your expectations.
What less obvious things can I do to help save money?
How much do you spend on coffees from the local café a week? At $5 a hit – 2 a day Monday to Friday …. That’s $50 a week. Over 6 months that is $1300!
That’s just one idea – if you 5 of them that deposit is so much easier to imagine, right?
What makes Diamondmine Home Loans different to the other home Loan Brokers in Brisbane?
In simple terms it is us, Alan and Vicki. Their combined experience together with their transparency and openness means that working with us is a breath of fresh air. We won’t fill you full of hopes only to dash them at the last minute. If we don’t think we can help you, we will tell you, but just so you know, we love a challenge!
