USE UR RENT 2 BUY A HOME! RENTERS THIS IS UR YEAR?
The gr8 Aussie dream of owning ur own piece of paradise is now 1 giant step closer thanks 2 St George, who have become the first Aussie bank 2 accept satisfactory rental history as a form of savings for a home deposit, providing the property is leased through a licensed Property Manager.
St George will accept rent as a form of savings for a home deposit if there is evidence of a minimum of 12 months continuous, satisfactory rental history.
This is a significant breakthrough for first-home buyers & a move which could b a major boost 2 the home finance industry.
Higher interest rates, tougher lending conditions & the end of the boosted federal government grants @ the end of last year have driven first-time buyers out of the market.
Another major restriction has been the difficulty in saving a deposit 4 a home loan, particularly in this economic climate with people having 2 cope with the massive cost of living increases including rental payments.
Australian lenders require a percentage of the purchase price normally 5 per cent minimum 2 b saved for all loans but it is extremely difficult 4 people paying the high rents customary these days 2 save money.
If rental payments r taken into consideration as a factor in assessing genuine savings, this enable many people to pursue the dream of home ownership. Want 2 know more? Call St George on 13 33 30 & ask 4 their NEW HOME LOANS DEPARTMENT.
Want a new home? Check out the Sales section of our website or call us on 1300 4 NOVAK or 02 8978 6888 24/7 – we never sleep!