Lender crafts new loan for first home buyers

by Madison Utley18 Sep 2019

A mortgage lender has announced the launch of a home loan product crafted to help more first home buyers enter the property market.

With an LVR of 95%, Better Choice’s new Platinum Prime home loan caters to borrowers who are unable to put down a deposit or do not have 5% in genuine savings.

“Better Choice is delighted to offer a new home loan product that takes the stress out of saving to buy a new home and provides the next generation of homeowners with a gateway to the property ladder,” said Better Choice executive director, Allan Savins.

The borrower’s equity contribution may come by way of a gift, First Home Owner Grant or asset sale as support of a 5% deposit.

Further, the loan is available to PAYG and self-employed customers, with no monthly or annual fees and an 100% offset account.

According to Savins, the offering is geared towards helping the 70% of young Australians who aspire to achieve home ownership reach their goal, despite the tighter lending environment of late.

“Better Choice is looking to open the doors to a better future for the next generation of homeowners,” he said.

“Better Choice is able to offer nine funding lines, which gives us the opportunity to provide a significantly diverse range of solutions to our introducers.”

The lender has recently offered a series of specials: first, for investors in August, and then a three-month long deal for expats that will be live into November.