Sometimes the home of your dreams can be just out of arms reach, as you’re unable to meet the deposit requirements set by your mortgage lender.
While this can be frustrating, there’s no need to make a mountain out of molehill.
However, a deposit is still required – normally at least 10 per cent of the mortgage value. It’s important to remember, though, that the larger your deposit, the more likely you will get a loan. Not to mention the quicker you will be able to pay it off!
According to the Australian Securities and Investments Commission (ASIC), currently 57 per cent of Australians are actively saving.
Here are a few ways that you can join them and get the keys to your dream home.
ASIC recommends setting a clear goal and sticking to it. This means knowing exactly how much you need to save, and then figuring out how long it will take you to reach that amount.
There are a plethora of bank accounts available, so ensure you have the right one. By just doing a minimal piece of research and switching, you could make savings from reduced fees and charges, not to mention better interest rates.
In order to achieve the deposit goal for your bad credit home loan, you may need to tighten your pockets. Simple expenses like dining, entertainment and shopping are often quite easy to reduce. It may be painful in the short-term, but just think of the long term.
How do I get a home loan?
Don’t let bad credit or the like hold you back. Get in touch with the team at Redrock, who can help you enter the property market.