In a big boost for anyone who is struggling to get the money together for a deposit on their first home, Suncorp have just released big news about a relaxation in their genuine savings policy.

In a nutshell, the new changes mean that you are now able to borrow up to 95% of the purchase price of a property and add the cost of the Mortgage Insurance on top but you no longer need to have genuine savings held over a 3 month period. Instead, the funds that you are required to have can come from just about any source including a gift, the proceeds of the sale of an asset such as a car, the money that is received through the First Home Owners Grant, a competition prize…… the possibilities are endless.

The only restrictions are that the funds can’t be borrowed funds or vendor inducements.

This really is big news for anyone that is looking at buying their first home because it does open up so many opportunities. Just think, if you do have a hotted up V8 sitting in the backyard that is worth $30,000, then maybe it’s time to sell it and use the funds to buy that first house.

If you are interested in finding out more about this or would like to find out your borrowing power, then please contact FinancialPlus on 07 5564 5903 or via the Contact Us page of this website. You could also sign up for our free First Home Buyer’s ecourse that is available here.

This relaxing of the genuine savings policy also applies to investors and people looking at buying a home that is not their first home.

• Persistence Pays Off
• Is renting a better option?
• First Home Buyers Beware
• First Home Buyers – start thinking ..
• First Home Buyer E Course – Early Bird Registration
• Just over four years to save a deposit
• First Home Buyers a Low Priority?
• Still can’t believe we are in our own home …
• Are you sick of renting?
• Women continue to be the driving force in first home buyers

Comments are closed.