5 Myths Banks Want Us to Believe About Buying a Home (Myth 5)

Myth 5: You have been out of the market for a while and do not have a deposit, so there is no hope…

As stated earlier, you cannot buy a house without a deposit this much is true. What is not true is that you need to have the deposit. Confused? Don’t be.

We have had many buyers come to us that have purchased property before, but for whatever reason they had to sell it, now they do not have a deposit to re-enter the market. They had good jobs, stable accommodation BUT with no savings. SO… we developed a system, with a lender, that allows you to re-enter the market without having genuine savings.

By the stage of life that we have been around the block our lives have lots of complexity, (read opportunity), to present a solution other than the typical “here is $67000 cash”.  Naturally a entry level employee in any corporation will look for the easy answer, “do you have a heap of cash doing nothing in your bank account?”.  This apathy may have something to do with the consumer impression that all is lost.  Sometimes it is as obvious, or simple, as disposing of some non essential assets (not the tinny…..?) or in other cases we might need to be more resourceful.  It is a case by case assessment and naturally it will depend on each lenders specific qualification as well.  For this reason we suggest that some time spent before a credit application going through a pre-approval process is time well spent.  If done correctly this process shouldn’t reflect on your credit file and gives you the opportunity to confirm, what is, and what isn’t going to be acceptable to your ultimate lender.  Their policy does change from time to time so even from month to month the answers will be different depending on each lenders current policy settings.

If you want specialized advise about getting into the market please contact me and let me help you get into your home sooner.