This piece is brought to you by Mortgage House but is all my own thoughts and experiences. Mel xx
When my husband and I bought our first home back in 2005, we literally lived on pasta and tinned tomatoes for years to save up enough money for a deposit… and that was BEFORE the market skyrocketed.
I often get consumed over how our kids will ever be able to afford to buy a home and quite frankly, my mind boggles over how young couples are able to do it today. Renting is awesome, but some people really want to live that great Aussie dream of owning their own home.
Today’s massive house prices come with the need for a hefty deposit and while it can all feel overwhelmingly grim, there is some good news. Now more than ever, there are more options available to those of us wanting to enter the property market. And even though mortgage chat is sometimes hard to digest, there’s some really exciting stuff you need on your radar.
Take a Family Pledge Loan for example. In a nutshell, this loan allows you to grab yourself your own little slice of property heaven, even if you don’t have a deposit at the ready.
I did some digging and here’s how it works: you’ll need an immediate family member (Hi Mum and Dad!) to basically be your guarantor. This means that they’ll agree to putting up a percentage of the value of their own residential real estate in order for you to get your own place to call home.
While entering into a Family Pledge Loan is a big commitment and will likely require both parties to partake in some serious conversations, how amazing is it that these options are actually available to us?! It’s like the ultimate helping hand to guide you up the first couple of rungs of the ladder, making your climb to home ownership so much easier. Just don’t forget to invite them to the housewarming bash once you get there. It’d be very awkard if you didn’t.
Keen to learn more? Mortgage House are the experts in finding the perfect loan for you and your specific needs, whether that be a Family Pledge Loan or one of their many other home loan options. Contact them and… happy house hunting!