Ingenious new product to help people with low or no deposit to buy a home

Discover an alternative to mortgage insurance with Own Home. By providing a loan to cover the balance of your deposit, Own Home allows you to avoid paying lenders mortgage insurance. This option is especially beneficial for first-time homebuyers who may not have a 20% deposit. With Own Home, you can buy a home sooner, potentially saving money as property prices rise. Plus, they provide a buyer's agent to assist you in finding the perfect property. Unlock cheaper interest rates and make your homeownership dreams a reality with Own Home.

Unlocking Home Ownership: How Own Home is Changing the Game for Buyers

The dream of home ownership is closer to reality than ever before, thanks to innovative solutions bridging the deposit gap that has long been a barrier for first-time buyers and investors alike. With the emergence of alternatives to Lenders Mortgage Insurance (LMI), navigating the property market has taken a new turn, facilitating purchases and potentially generating significant savings. This article dives into the transformative approach introduced by Own Home, the implications of such a service, and how it redefines the pathway to acquiring property.

Key Takeaways:

  • Own Home offers an alternative to LMI by providing a loan to complete a 20% deposit, enabling buyers to avoid high insurance costs and access potentially cheaper interest rates.
  • This service includes the expertise of a buyer's agent to guide clients through the property purchasing process, typically a costly endeavor.
  • Partnering with Own Home may lead to significant financial advantages over traditional mortgage insurance, particularly as it builds the pathway to lower Loan to Value Ratios (LVRs) and unlocks more favorable interest rates.

Bridging the Deposit Gap with Innovative Financing

The crux of the home buying challenge is amassing a sufficient deposit. Traditionally, achieving a 20% deposit has been a standard goal to evade LMI. "And everyone aims for getting a 20% deposit because most people know that if you have 20% deposit, then you're not going to have to pay lenders mortgage insurance." However, the reality is often different, particularly for those entering the market for the first time.

Own Home's model presents a compelling solution by furnishing the remaining portion of the deposit to hit the 20% mark. Contrary to the traditional insurance fee paid upfront, this option involves a secondary loan. This necessity to service two loans simultaneously mandates a stable income, but as the transcript highlights, "even factoring in paying two loans at once, it actually is cheaper than mortgage insurance in most cases."

The Added Value of Professional Expertise

Navigating the property market can be a daunting task for the uninitiated. Own Home matches its financial product with the hands-on guidance of a buyer's agent, a service that stands to demystify the process and enhance the quality of the purchase. The spokesperson elucidates, "when you go to buy a home, especially a first home buyer, there's a whole lot that you need to know and understand to do the buying part well." With Own Home, acquiring such service – often costing a significant sum – is part of the package, ensuring buyers make informed decisions without the added expense.

Unlocking Better Interest Rates and Future Savings

One of the most praised facets of Own Home is its ability to grant access to more attractive interest rates, translating into long-term savings. Interest rates vary according to LVR, and traditionally, lower LVRs entice lower rates. By leveraging the help of Own Home to achieve a lower LVR from the outset, buyers may enjoy cheaper rates. The generative effect explained by the spokesperson is clear: "the blended interest rate of the own home loan plus the normal home loan, but the cheaper one will let [you] save money over the course of the, you know, the first three to five years". This presents a strong argument against the singular route of mortgage insurance.

The idea of blending two loans to unearth savings manifests an innovative approach, contrasting with the monolithic structure of traditional mortgage financing. This three to five-year span is crucial, representing a period wherein financial stability can be significantly solidified.

As we circle back to reflect on the insights unveiled through the transcript, it's evident that the property landscape is evolving. Solutions like Own Home are not merely transactional; they aim to readjust the entire buying journey. The promise of speed (“You could buy the home tomorrow”), coupled with a financial strategy that circumvents often-prohibitive insurance fees and leads to eventual interests rate savings, cannot be understated.

A deeper consideration of Own Home's methodology reveals a symbiotic objective; not only to facilitate real estate transactions but to empower buyers with the right tools and guidance. It's a testament to the power of alternative financing in a world where real estate often feels out of reach for many.

Own Home's disruptive model may not fit every buyer, but for those it does, it lights the beacon to homeownership brighter than ever. As property prices continue to escalate and the 20% deposit becomes increasingly elusive, models like Own Home will undoubtedly become leading characters in the stories of many new homeowners. What lies ahead is a rebalancing of opportunities, making the prospect of owning a home less of a far-off dream and more of an immediate plan of action.

Book Call Now

Book Call Now

UNO home loans

April 25, 2024

Need help with your home loan?

UNO Brokers are available night and day for a quick review or your situation and bring expertise that will support better decision making that will save you time and money. Book in a quick call when it suits your busy schedule

Get Started

Related Articles

TESTIMONIALS

What our customers are saying

Rosie Deiath
July 2, 2024
Karis from UNO was so supportive throughout the entire process of buying our first home. She was contactable at any time, and answered all our silly questions for us. We couldn't recommend Karis and her team enough, as it always felt like she was in our corner with our best interests at heart.
Read more
Jack Mikkelsen
July 2, 2024
We dealt with Karis Churchill as the mortgage broker for our first home. Karis was so supportive and knowledgeable through the whole process! A+ mortgage broker. Definitely utilise her expertise if you’re buying a house!
Read more
Kapil Baldota
June 25, 2024
Eren Tan is absolutely one of the best mortgage brokers in Melbourne! Keeping us well informed throughout the process. Eren gave us a helpful hand in managing to get our loan over the line in a quick and efficient way which is what we wanted and he delivered on that. Thank you Eren Tan!
Read more
A M
June 21, 2024
I only have praise from my Uno experience! I was a broker sceptic, having done all of the hard work myself for my first two property purchases and sale. I'm now a proud broker advocate having used UNO (Karis Churchill) for two refinances and purchase. The value add Karis brought cannot be underrated! Not only has Karis got me the best rate, with a bonus cash back (nearly unheard of in this climate), she has done it with the least back-a-forth and with the least administrative burden on me (the thing that can deters people from refinancing to begin with). Karis is always on top of everything. Karis knows her stuff. She is the most responsive of any professional service provider I've ever used (my banker never text with an update at 7pm on a Sunday) without being overbearing. You know she's got your back and in my experience the value speaks for itself. Thank you to the whole UNO team, thank you especially to Karis.
Read more
Leanda Cawdry
June 8, 2024
Very pleased with the outcome of this process, Michael Parsons and his team at UNO were helpful, communicative, and took all the stress out of the process of finding me a refinance deal that met my needs. Would definitely recommend Michael and UNO, and I already have!
Read more
Glen Matthews
May 29, 2024
Regarding UNO Home Loan services. I had great experience with uno home loans, Michael parsons was my broker for UNO Home Loans we had excellent communication throughout the whole home loan application. If I had any questions on home loan application which were many were answered in great detail. He had the time to assist me in filling out endless application forms at anytime through the day or night which made the application process stress free. So I would strongly recommend Michael parsons from UNO Home Loans to try his services you will not be disappointed. Thanks to Michael parsons I have the lowest home loan interest rate I could ever hope for which I particularly ask for. It’s was a pleasure working with him. And will be using his services in the near future.
Read more
Gillian Anderson
May 28, 2024
Thank you to Michael and UNO for their help in securing our home loan. I like the way they break everything down in simple terms to ensure that you can make the right decision. Michael was polite and very patient to help us get things across the line. We are now sitting in our first home away from rental circus. Can't recommend them enough. Thanks Michael and thanks UNO
Read more
Andy Song
May 17, 2024
Amy has been absolutely wonderful as a broker. I would not hesitate one bit in recommending her services.
Read more
Troy H
May 13, 2024
Scott Wilkinson did a great job as my broker. He was very patient and always happy to answer my numerous questions throughout the considerable period of time that it took to secure a suitable property. Would certainly recommend Scott and the team at UNO for anyone seeking a broker.
Read more
Elvin Singh
May 10, 2024
First time I have used a Broker and I must say Andrew Wyers and his team were amazing to work with and handled my refinance from a Big4 bank. He was able to understand my needs and find a lender that will be able to help me grow my investment portfolio. Andrew and his team kept me updated as part of my refinance journey and made the process super easy and I was able to refi to new lender in under 2 weeks. Would highly recommend Andrew.
Read more
Nadine Steffens
April 19, 2024
Scott and the team at Uno are absolutely 💯 amazing. I don't think I could have done my loan on my own. They are highly motivated and I do recommend them.
Read more
Andrew
April 16, 2024
Dealing with Scott Wilkinson was an absolute delight. Scott is tenacious, hard working and readily available. He made a very stressful process for me and my partner smooth sailing. Would highly recommend.
Read more