Entering the property market is vastly different today than it was in our parent’s era, and certainly their parent’s era. Property values relative to incomes were much lower, land was abundant, banks were fewer and life was generally much less hectic! Today, there is a huge demand for land due to population size and growth around most major cities, and so entering the property market can be fiercely competitive, very difficult and quite disheartening.
The key as we see it is to work alongside our trusted referral partners (accountants, agents and financial planners) early to come up with a range of strategies to help you. If you are fortunate enough to have family who can pledge equity or a gift to assist you enter the property market, that’s great ; this can greatly assist in reducing or eliminating costly mortgage insurance. But it’s not imperative. You may not know this but there are a number of lenders that do offer high Loan-to-Value ratio loan’s without requiring mortgage insurance. These can suit middle to high income earners that have just started out in the work force that lack sufficient equity but have very good capacity to service debt. Some occupations will have lenders offering up to 90% or more loan to value ratio, and via our wide panel of available lenders we can access these for you.
Different lenders will charge different mortgage insurance premiums, and so we can assist you with minimizing this cost. Whether you are a tradesperson or a medical graduate, different lenders have niche products that suit the needs of their target market, so give us a call and let us save you time and money by directing you to a loan that suits your circumstances.