How To Potentially Have Your First 2 Years Of Mortgage Repayments Done For You

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Delving into the world of property ownership is an exciting time, but never something to do lightly. You need to save, plan, research and save some more.

This is especially true seeing at almost three out of five Aussies are worried about their current financial situation, according to a 2019 Financial Fitness survey by Mortgage Choice.

Lifehacker has partnered with Mortgage Choice to help you enter the property market.

If you're confused about the world of buying property, don't forget there are qualified professionals whose whole job is to help you, such as a mortgage broker. They basically act as the middle man between you and a range of banks to help you sort out the right home loan options for your circumstances.

They also have all the insider knowledge of the hidden costs associated with your purchase and what schemes are available to help you, because if there was some way to get at least part of the payments taken care of FOR you, who wouldn't jump at it?

For example, right now you have the chance to enter Mortgage Choice's draw to win two years' worth of your home loan interest repayments completely on them. For a chance to win this prize, you'll have to take out a home loan with them of up to 500k before June next year. Find out more details or enter the draw here.

There's also the 2020 First Home Loan Deposit Scheme, set up by the federal government. Every year, it allows 10,000 approved applicants to take out a mortgage with only a 5% deposit and allows them to avoid paying lenders mortgage insurance. Seeing as the usual mortgage deposit is at least 20% of a property’s purchase price, that's a great deal if you can qualify.

How do you qualify? Well, for starters, you have to earn up to $125,000 a year individually or be part of a couple that earns a combined total of up to $200,000 a year. So yes, that is something of a catch.

If that doesn't seem like you, there's also the ongoing governmental scheme to give first home buyers a lump sum of money towards their home or land for a home that doesn't have to be repaid or taxed. It's called the First Home Owner Grant.

Obviously, before you move on to getting the loan you should thoroughly research how much of a loan you'll need, which annoyingly takes a lot of maths. Or you could take the shortcut and use a free online calculator, like this one, to let it work out what you'll need for you.

Once you know how much you have to play with, you can start looking into these killer deals.


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