A new web platform described as a ‘dating app but for home-ownership’ says it can help users enter the property market in half the time it usually takes.
Mortgage Mates – the brainchild of Perth-based mates Daisy Ashworth and Jess Vesely – uses algorithms to match you with like-minded individuals who share similar housing preferences but also don’t yet have a big enough deposit to crack the property market. Ways you can search for ‘mates’ include Australia-wide location options, housing choices (apartment, unit, house or land packages), price, age and gender.
Once connected and keen to buy, the duo says they can link you with legal services to help you safely and securely enter the property market.
The co-founders say that by matching up with another user who shares your housing aspirations you can have the security of home-ownership over renting or living in a share house.
The other major benefit of pooling your money with like-minded individuals is increasing your property options, the co-founders say.
Another way to crack the property market sooner
Another way to get into the property market in 2020 is through the federal government’s First Home Loan Deposit Scheme, with applications for the scheme opening on 1 January 2020.
Run by the National Housing Finance and Investment Corporation (NHFIC), the scheme this week launched an interactive online eligibility tool to assist first home buyers to determine their potential eligibility (with property price caps further down the page). Under the scheme, some first home buyers will be able to borrow up to 95% of the value of their property without forking out for Lenders Mortgage Insurance (LMI). Last week it was announced that NAB is the first lender on the panel. The remainder of the panel will be announced in the coming weeks.
Get in touch
There’s one big catch when it comes to the First Home Loan Deposit Scheme – and it’s a bit of a doozy.
The scheme is limited to just 10,000 first home buyers loans each year on a ‘first come, first served’ basis.
When you consider that the number of Australians who bought their first home in 2018 totalled 110,000, if you are planning on using it in 2020, it’s best to get the ball rolling on it now.
So if you’re considering purchasing a property but don’t have a 20% deposit saved up yet – get in touch.
We’d love to run you through the scheme in more detail and help you plan ahead for the new year.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
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