Do you have a good credit history, but no deposit? We may be able to help you achieve the dream of home ownership
Partnering with Joii Money Ltd, PRIVIUM Homes has launched the Deposit Boost program to offer eligible Australians an upfront contribution towards the cost of buying a new home in the form of a low-interest secured loan, repayable over a 10 to 20 year term.
The Deposit Boost Program is the first of its kind to be offered by an Australian home builder. Company founder and CEO of PRIVIUM Homes, Robert Harder said the Deposit Boost program was filling a gap in the market created by tighter lending standards in wake of the banking royal commission.
“It can be daunting to save 20 percent of the purchase price and it’s leaving an increasing number of young Australians with the perception that they’ll likely never achieve home-ownership,” Rob said.
“We’re supporting people who have good credit and can afford the repayments, but who are finding it difficult to save for a deposit in the traditional way.
“To ensure we are lending responsibly to people who can afford to repay the debt, applicants are subject to an application process and credit approval.
“For those who have been previously rejected finance for whatever reason, Joii Money is offering the Financial Awareness & Resilience Mentoring (FARM) program, which pairs an experienced mentor to work with potential buyers to achieve their unique goals.
“Over six individualised sessions, the mentor will cover issues such as self awareness, understanding finances, developing smart strategies, achieveing balance and direction and building resilience.
“Through the Deposit Boost Program, PRIVIUM Homes is creating a pathway for young people to buy their first home without going into a financially unstable position.”
The loan can also incorporate other costs such as stamp duty, legal fees and other borrowing costs.
“The loan is no different to any other conventional loan except for the availability of a longer term, thus allowing borrowers to achieve home ownership immediately,” said Rob.
“With 23 years of heritage, PRIVIUM Homes is continuing to demonstrate our commitment to supporting and building communities.
“We’re very proud to be the first in the country to offer this program and are looking forward to financially partnering with young Australians on the path to achieving home ownership,” said Mr Harder
For more information, head to Priviumhomes.com.au