Giving your kids a property stimulus...

The First home owners grant is nearing its normality and will very soon give the property market in some areas, some breathing time to allow the market to show it’s true colours.

But just because the grant is reducing from $14,000 to $10,500 (based on established homes in NSW), doesn’t mean as a First home buyer, you don’t have reprieve from high Sydney prices.

@ the wHeregroup we have, in particular of late, assisted many second generation customers with a stimulus their parents have worked hard to achieve.

If you have equity in your home, there is now an opportunity to assist your children in purchasing their first or even second home?

The savings can be in the tens of thousands, not to mention, the difference between buying today with a smaller deposit and minimal fees, as opposed to waiting another 6-12 months, and the cost of rent over time?

The maximum borrowing is still based on income and debt levels, the real key is the savings in Lenders  Mortgage insurance, as there is nil to be paid….

With all loan structures, there are risks involved for both parties, however, if explained correctly and understood,  this type of loan facility, could be just the ticket to buying a home sooner rather than later.

wHeregroup have a more detailed explanation of this type of loan structure; see family pledge for more information.

 Single Mother, Shirley talks about how she helped her son… “I knew I wanted to help Toby buy his first home, but I also wanted him to feel like he did it on his own, with no hand outs…this way he has bought his first investment property, and can put his savings into paying the loan off as soon as possible, I’m so proud of him”

Toby speaks of the savings he has made… “For me, to buy my first property, I would have been saving for another 6 months, which meant, possibly missing the opportunity to buy a property I could afford… I bought a property, borrowed all the costs, and can now start working towards my next property…Thanks to Mum”

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