Property group helps FHBs with $5k deposit

by Rebecca Pike14 Sep 2018

A property company helping first home buyers to get on the property ladder said they have been helping clients other groups can’t.

Brisbane-based Catapult Property Group launched its lending division earlier this year, priding itself on having builders, brokers and advisers all under one roof.

The group offers a first home buyers program, where borrowers only need a $5000 deposit to secure a home loan.

Director of residential lending, Paul Anderson, said the company had been referred clients who had been going through a low deposit provider in their quest to purchase a new home only to have their land contract cancelled due to the bank rejecting their loan application.

Anderson said, “The agents of an estate at Redland Bay, where the couple were trying to purchase, referred them to Catapult Property Group to see if we could help.

“We met with them to discuss their situation and they decided to proceed with [us] and reinstated the land contract on the lot they had originally chosen.

“We not only worked with them to secure finance but also on the design of their dream home. Build contracts were signed and finalised with our team and their finance were lodged with a major lender and subsequently approved through careful design of their home and multiple valuations.

“The happy couple will move into their new home when the build process is completed knowing that their property purchase not only suits their lifestyle, but their budget as well.”

Anderson said to obtain a home loan with a minimal deposit, applicants would need to be in a full-time job with a stable employment history, a consistent rental payment record plus a clear credit score, and qualify for the Queensland First Home Owner Grant.

COMMENTS

  • by Gary 14/09/2018 8:49:31 AM

    Interesting article, especially The comment on MULTIPLE VALUATIONS.

    I wonder if under a Duty of Care if multiple valuations were declared to the Mortgage Insurer who took on the risk, once the valuations got a higher figure.

    I wonder , food for thought. I trust the LMI companies are reading this article, and are now looking at the disclosure by the lender to them, on this and other constructions

  • by Brad 14/09/2018 9:28:04 AM

    Tut tut......come on!! There is NO reason to believe builders don't reduce their profit margins to accommodate for upfront payment incentives in lieu of over inflating the improvement value of the build?

    Oops.....there's another flock of pigs flying past!