BRANDVOICE
For many young Australians, the dream of owning a property can seem almost impossible in today’s challenging market. Securing the steep deposit needed to get a foothold on the property ladder has become increasingly difficult for those without wealthy backgrounds or guarantors.
For many young Australians, the dream of owning a property can seem almost impossible in today’s challenging market. Securing the steep deposit needed to get a foothold on the property ladder has become increasingly difficult for those without wealthy backgrounds or guarantors.
Chaice Paterson and his wife, Libby Paterson, are the founders of Gold Coast-based company, Low Deposit Homes. The powerful duo are on a mission to help everyday Aussies become first-time home buyers.
While working as a broker, Chaice Paterson discovered that clients could comfortably afford loans, but the deposit remained a major stumbling block. Most lenders prefer borrowers with a 20 percent deposit, but a select few accept as little as 5 percent, creating an opportunity for more people to enter the market.
Drawing on his extensive finance background, Chaice Paterson and his team offer a variety of options, including specialized low deposit loans and finance products rarely available to the average buyer.
Consider a first-time home buyer looking to purchase a $650,000 property in Queensland. Under traditional 5 percent deposit products, they would need to save over $75,000, including costs such as lender’s mortgage Insurance, legal expenses, and state and government fees. However, through Low Deposit Homes’ unique low deposit loans system, which combines grants and specialized lending products, clients can secure a property valued at $650,000 with just $26,000 in savings. This $50,000 difference has been vital for many who would otherwise struggle to break into the property market.
But getting onto the property ladder is just one part of the equation. Building a home is an exciting and rewarding experience, but it can also be overwhelming, especially for first-time home buyers. This is where Low Deposit Homes’ expertise shines. Their experienced property consultants guide clients through the complex process of securing financing and building their dream homes. One of the most significant ways they help clients save money is by assisting them in selecting the right land, considering factors like soil type, block size, and BAL rating, potentially saving tens of thousands of dollars on the build.
Low Deposit Homes’ comprehensive due diligence process is an invaluable asset when purchasing land. The dedicated team meticulously identifies potential issues that may arise during the building process, effectively saving clients from unexpected costs down the line. By working closely with clients and offering personalized guidance for informed decision-making, they ensure a smooth and successful land-buying experience, enabling their clients to confidently navigate the complexities of property ownership.
First-time home buyers often face challenges when builders advertise base prices that don’t include necessary items for a turnkey solution. Low Deposit Homes understand the full range of costs, ensuring clients are aware of what to budget for and avoiding surprises. They also recommend including protective clauses in contracts, such as finance and due diligence clauses, which help buyers avoid being left with a block of land they can’t build on or losing their deposit if financing falls through.
Building a home can be daunting, especially for first-time home buyers. Low Deposit Homes offer expert guidance and support throughout the buying and building process, helping clients make informed decisions, avoid unexpected expenses, and ensure their new home meets the highest standards possible. By unlocking the door to affordable property ownership and low deposit loans, Low Deposit Homes is making the Australian dream a reality for first-time home buyers.