Buying a property in Plenty | Mortgage Brokers Plenty

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Purchasing property in Plenty

If you’re seeking a break form the hustle and bustle of the city, then life in the suburb of Plenty is for you! Located on Melbourne’s outskirts, Plenty offers its residents peace and quiet on large lots, many with acreage. With Yellow Gum Park on your doorstep, lovers of the great outdoors will relish being able to get into nature regularly. But, when you need a taste of metropolitan amenities, stores and restaurants are never far away in Greensborough. On the weekend, hit the links at Plenty Views Golf Park before settling in for a meal at Plentiful General Store - your new local favourite. Ripe with development potential and largely untapped, Plenty is a great place to live if you want to get away from it all!

The median house price in Plenty was $1,595,000 in 2023. Robert Costabile can help you find the perfect home loan to purchase a property in this area - just get in touch with him today.

Using a guarantor to buy a home

When house prices are increasing, the struggle to save up for a deposit can feel never-ending. But, without a deposit worth 20% of the property price, you will be subject to pay for LMI (Lenders Mortgage Insurance), a considerable cost which can significantly impact your loan plans. Fotunately, you may be able to avoid LMI by using a guarantor to help you buy your home.

Your guarantor is usually a close family member, such as a parent, who acts as security on your loan, therefore negating the need for LMI. This means that you can purchase your home with less than a 20% deposit and get into the property market sooner! However, it’s also important to be aware of all the implications of using a guarantor. Because they guarantee your loan, they will also be responsible for the loan if, for some reason, you cannot meet your repayment requirements. For this reason, it’s best for both you and your potential guarantor to carefully consider the decision before entering into an agreement. If a guarantor is part of your property plan, talk to Robert today about all your options and to get started.