Save $27k* on your First Home Deposit- Act before 30 June 2023 and Avoid Paying LMI *Approx on a $600k home

So, you’ve finally put together a 5% deposit …Congratulations, you are one step closer to homeownership! 

But wait… your lender is telling you you need more to cover LMI?

Hold on a hot minute…what’s LMI? 

Lenders Mortgage Insurance is a one-off insurance payment that protects the lender in the event that you default on your home loan repayments.

Gotcha… but I know I can afford my repayments? 

Unfortunately, ol’ stressy bessy the bank needs a little more assurance that the loan will be repaid because life can be unpredictable. It’s nothing personal, it’s just a general condition that the borrower pays LMI if the home loan is more than 80% of the purchase price of the property.

For example if you are contributing 5% and borrowing 95%, LMI is the payment equivalent to a chill pill that allows both you and the bank to feel safe and secure during your mortgage journey. 

Another thing we should mention is that LMI is not a fixed price and the the cost can vary substantially based on:

  • The lender
  • Total loan amount
  • And how much over the 80% threshold you are looking to borrow

Now that we know what LMI is, how can we work some magic and get those of you with your solid 5% deposit into your [well-deserved] new home?

*Enter the Government*

Yes, that’s right, the government is putting on a superhero cape and saving the day… 

[respectfully not a phrase you hear everyday, but nonetheless…]

… It’s true! How? The First Home Guarantee!

Details please…!

The First Home Guarantee (FHG) is a scheme introduced by the Australian Government, administered by the National Housing Finance and Investment Corporation (NHFIC), to assist eligible first home buyers purchase a home sooner. So your deposit as low as 5% of the property's value, without the need for them to pay LMI. 

Essentially the NHFIC is guaranteeing the loan to reassure the banks, so you don’t have to! 

Win-win all round right?

So, what’s the catch?

There are limited spots available for the FHG. 

 And,his incredible opportunity is only on offer until June 30th this year! 

Don’t panic… Give us a ring!

Before you start frantically asking yourself am I eligible? What paperwork do I need? How can I get onto this scheme? Is there enough time? … Don’t forget, not all superheros wear capes.

Three months may sound like a quick turn around, but at Balfour Homes, we have capeless superheroes 24/7, 365 days of the year, ready to turn your dreams into concrete slabs, bricks and mortar. [Although now we mention it, capes could be fun…]

After you call us, we will quickly get to work checking your eligibility, and devising a plan with the best options available to get you into your own home.

We believe buying property should be exciting and simple. Especially when you’ve already worked so hard to get your 5% deposit together. Our help combined with the assistance of the FHG government scheme, could have you joining our growing pool of happy homeowners in just a few short months!

Act NOW!

Let us take care of schemes, lenders, builders and budgets, though just to reiterate, there are LIMITED spots available for this scheme, and only a SMALL WINDOW of opportunity before the offer expires. 

If you sign your building contract before 30 June you can still maximise this initiative. 

The first step is one simple call to one of our specialists. 

We look forward to your call! [1300 945 126]

This is not financial advice, speak to a professional about your personal circumstances.

Posted on:

Tuesday, April 4, 2023