We recognise that buying a home can be daunting and is probably the largest investment that you will ever make. Metricon offers home buyers Metricon Financial Services – a free, no obligation service that brings together a number of lenders with numerous products. They have tailored home packages specific to First Home Buyers.
Our experienced Mortgage Consultants will explain the benefits of the various options in an easy, simplified manner! They will even assist you to complete all your paper work so you can receive the Victorian Government Grant. Metricon Finance offers a range of different products to select from. Some of these include:
- Equity Support Structure
Here your parents can guarantee 20% of the value of your desired home. The benefit of this is that you would not require mortgage insurance.
For example if you want to purchase a home for $300,000 your parent’s would need to guarantee $60,000. Until December 31st 2009 the Victorian Government is offering a grant of $29,500 for Fist Home Buyers looking to build a new home within Regional Victoria, (for an existing property they are offering $12,500). Which means your parents would then be relied on for $30,500.
- Gift Value of 20%
This works exactly the same as the equity support structure – only differing factor is the 20% gift of funds can come from anyone willing to give you the money.
- Gift Value of 10%
You also have the option of paying a deposit of 10% - however this would require you to pay mortgage insurance. How this option works is as follows: if you want to purchase a home for $300,000 you would require a deposit of $30,000. You will need to consider mortgage insurance with this option which varies from lender to lender – so ensure you do your research.
* All loan applicants are subject to bank lending criteria.
* Victorian Government Grant will alter January 1st 2010. For up to date information on the FHB Government Grant please visit www.sro.vic.gov.au
