So, you’ve finally put together a 5% deposit …Congratulations, you are one step closer to homeownership! 

But wait… your lender is telling you you need more to cover LMI?

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Hold on a hot minute…what’s LMI? 

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Lenders Mortgage Insurance is a one-off insurance payment that protects the lender in the event that you default on your home loan repayments.

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Gotcha… but I know I can afford my repayments? 

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Unfortunately, ol’ stressy bessy the bank needs a little more assurance that the loan will be repaid because life can be unpredictable. It’s nothing personal, it’s just a general condition that the borrower pays LMI if the home loan is more than 80% of the purchase price of the property.

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For example if you are contributing 5% and borrowing 95%, LMI is the payment equivalent to a chill pill that allows both you and the bank to feel safe and secure during your mortgage journey. 

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Another thing we should mention is that LMI is not a fixed price and the the cost can vary substantially based on:

• The lender
• Total loan amount
• And how much over the 80% threshold you are looking to borrow

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Now that we know what LMI is, how can we work some magic and get those of you with your solid 5% deposit into your [well-deserved] new home?

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*Enter the Government*

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Yes, that’s right, the government is putting on a superhero cape and saving the day… 

[respectfully not a phrase you hear everyday, but nonetheless…]

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… It’s true! How? The First Home Guarantee!

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Details please…!

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The First Home Guarantee (FHG) is a scheme introduced by the Australian Government, administered by the National Housing Finance and Investment Corporation (NHFIC), to assist eligible first home buyers purchase a home sooner. So your deposit as low as 5% of the property's value, without the need for them to pay LMI. 

Essentially the NHFIC is guaranteeing the loan to reassure the banks, so you don’t have to! 

Win-win all round right?

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So, what’s the catch?

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There are limited spots available for the FHG. 

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 And,his incredible opportunity is only on offer until June 30th this year! 

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Don’t panic… Give us a ring!

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Before you start frantically asking yourself am I eligible? What paperwork do I need? How can I get onto this scheme? Is there enough time? … Don’t forget, not all superheros wear capes.

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Three months may sound like a quick turn around, but at Balfour Homes, we have capeless superheroes 24/7, 365 days of the year, ready to turn your dreams into concrete slabs, bricks and mortar. [Although now we mention it, capes could be fun…]

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After you call us, we will quickly get to work checking your eligibility, and devising a plan with the best options available to get you into your own home.

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We believe buying property should be exciting and simple. Especially when you’ve already worked so hard to get your 5% deposit together. Our help combined with the assistance of the FHG government scheme, could have you joining our growing pool of happy homeowners in just a few short months!

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Act NOW!

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Let us take care of schemes, lenders, builders and budgets, though just to reiterate, there are LIMITED spots available for this scheme, and only a SMALL WINDOW of opportunity before the offer expires. 

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If you sign your building contract before 30 June you can still maximise this initiative. 

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The first step is one simple call to one of our specialists. 

We look forward to your call! [1300 945 126]

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This is not financial advice, speak to a professional about your personal circumstances.

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