The banks you didn’t know existed

If you’re struggling to save for a deposit, or find your dream sooner than reaching your required deposit amount, there may be other options that will get you into your first home faster.

With property affordability getting increasingly tricky for some, many first home buyers are reaching out to their families for financial assistance to help increase their borrowing power. Partnering up can reduce the financial burden and may mean you can afford a better quality property with greater growth potential than if you bought solo.

There’s no rule that says you have to live in your first property, and many first home buyers are challenging convention by rent-investing; renting where they want to live and buying an investment property in a more affordable location. The objective for these first home buyers is to get their foot on the property ladder, even if it’s not in their dream location. That way they can secure an affordable first home, but still live where they want to for the meantime. That could be another suburb in the same city or a town in an entirely different state!

This information is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, we recommend that you consider whether it is appropriate for you. We recommend that you seek your own independent legal, financial, and taxation advice before acting on any information in this article. Mortgage Advice Bureau is a full member of the Mortgage Finance Association of Australia. MAB Broker Services Pty Ltd (ACN 616 236 527) trading as Mortgage Advice Bureau is Authorised Credit Representative Number 493979 of Mortgageport Management Pty Ltd 082 753 679, Australian Credit Licence Number 386360.