AffordAssist is an affordability program exclusively for first-home buyers; providing the much-needed deposit solution: First-home buyers can buy a property with no-deposit.
How does it work?
AffordAssist provides an alternative to the required upfront cash deposit. Offering a proprietary Deferred Deposit Agreement (DDA). No application fees, mandate or interest charges.
- Deposit amount may vary between 3%-25% of the property purchase price,
- DDA is an agreement between the seller and buyer,
- DDA is NOT a Loan or Vendor Finance; and
- Provides the seller and buyer with protections.
What do you typically need to be eligible?
- Must be a first-home buyer,
- The full Government grant where applicable is applied to reduce the 1st mortgage loan, refer http://www.firsthome.gov.au/
- Demonstrate cash saving; rental history is considered; and
- Meet the serviceability requirements. [Provided free, click here to start]
What about the property?
Program includes all residential property types, new builds and existing, including land, townhouses, apartments, off-the-plan and home and land packages.
- A property can be selected from one of our pre-approved listings. AffordAssist works with developers and property sellers to make lots available to first-home buyers, or
- You can source your own property and AffordAssist can assist with introducing the program to the seller.
AffordAssist is not a mortgage broker. AffordAssist provides the program management and governance. The AffordAssist program is designed to be fair for both the seller and buyer and includes a number of consumer protections:
- Fair pricing model
- Independent Property Review (IPR)
- Serviceability assurance
It’s all about helping first-home buyers
AffordAssist is an affordable housing program specifically designed to meet first-home buyers’ needs. It’s a corporate solution, offered alongside government initiatives, with the single purpose of increasing first-home ownership in Australia.