A brand new way to get into your own home

A brand new home loan, a first for Australia in fact, has recently been released onto the market that allows parents to help their children into their own home without the associated risks of a guarantor loan.

It’s no secret that getting onto the property ladder is getting more and more difficult. It takes the average couple nearly five years to save a deposit for a home, and with rents rising and vacancy rates declining, the problem of affordability doesn’t seem to be improving.

One lender has addressed these issues by releasing a brand new loan product called Smart Families. Like no other home loan in Australia, Smart Families allows parents to invest in the future of their children without using their own home as security, without being on the title of the home and without simply giving the money as a gift.

This means the kids save on mortgage insurance, can still get the first home owners grant (if eligible) and are more likely to get their home loan approved. And it’s a formal loan, so if the kids are in a relationship that doesn’t work out, the parents’ money is protected – it’s an official loan in both names.

Smart Families isn’t limited to first home buyers, if you’ve already owned a property then you can still qualify for the product, but it’s for owner occupiers only (not investors) and for those building a home through the ABN Group of building companies.

The product is exclusively available through Resolve Finance, a brokerage who is a long-standing partner of Dale Alcock Homes. Resolve will assess your situation and help you decide what the right loan for your circumstances is.

Read the full article and watch the video. http://blogs.dalealcock.com.au/a-brand-new-way-to-get-into-your-own-home/