You don’t need us to tell you how impossible buying your own home feels right now. For those fortunate enough to be earning a steady, high income, though, you’re probably already paying enough for your inner-city rental to cover ongoing mortgage repayments, it’s just the deposit that’s holding you back.
That’s likely why more than 60% of first-home buyers are relying on their parents to help buy their homes these days, with the average contribution rising to a record $93,000.
If you’re not part of the lucky club earning a family handout, this innovative new Aussie start-up backed by the Commonwealth Bank could be worth looking into.
Created specifically to help cash-poor, high income buyers get into their dream home faster, OwnHome basically provides a second mortgage to cover the cost of your deposit that you pay off at the same time as your primary loan.
They’ll cover up to the full 20% of the deposit, which you can then pair with another 80% loan from another lender. You’ll need a 2.2% deposit plus stamp duty to get started, and that will get you a dedicated buyer’s agent to help you with the purchase too.
OwnHome's Deposit Boost Loan is not suitable for everyone and there are other Government Deposit schemes you can explore if you fall under the low-income caps, but it could be a great solution for those higher-income professionals who can afford the higher monthly repayments but are just lacking the deposit.
Let’s be clear though, we’re not financial experts so you’ll wanna scope out all the finer details with a professional before deciding whether it’s right for you.
Image credit: Supplied
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