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About

AffordAssist offers an innovative property-deposit and loan-deposit solution, making it possible for buyers wanting to enter the market today.

Our motto is: Affordability Program for First-Home Buyers and The Fast-Track to Wealth

With AffordAssist you do not need a 5%, 10% or 20% cash deposit. Buy an AffordAssist approved property with as little as $10,000* cash deposit (less
in regional areas and for Home and Land packages a larger deposit is required).

AffordAssist is applicable on apartments, townhouses and houses. The program is also a lifeline for buyers and sellers struggling to settle existing
purchase agreements.

Visit the website for more details https://www.affordassist.com/

Eligibility

Our eligibility process

  1. Your eligibility to secure a loan is based on your (and if applicable that of your property purchase partner) annual income;
  2. AffordAssist collates the information including the forms (Pre-qualification and Fast-Track Readiness) and determine whether you are eligible for the AffordAssist program; and
  3. It is essential you work with suitably trained AffordAssist service professionals who understand and manage the DDA process  to ensure your successful property purchase. Our approved team includes: lenders, mortgage brokers, developers, property consultants, agents and the AffordAssist program governance solicitor.  

The fact is, your eligibility to secure a home loan and purchase an AffordAssist approved property is only possible due to the AffordAssist proprietary Deferred Deposit Agreement (DDA).

As the AffordAssist DDA is an Australian first, having suitably trained service professionals that understand and manage AffordAssist is essential to
your successful property purchase. Stepping outside our governance and service process may result in your eligibility being revoked.

Our approved team includes: lenders, mortgage brokers, developers, property consultants, agents and the AffordAssist program governance solicitor.
Each team member performs a critical role in offering you a professional service delivery.

Approved properties

AffordAssist replaces the need for the typical 10% cash deposit required by the property seller with a proprietary Deferred Deposit Agreement (DDA), which may be used for all or part-of the deposit and includes a no-interest payment plan. AffordAssist also offers a list of approved properties.

Approved lenders and mortgage brokers

Recognise that AffordAssist will be used for all or part-of the deposit, when assessing eligibility and maximum property budget. All assessments are at arm’s length and follow lenders’ duty of care. Offer loans up to 90% of the property value.

Lenders are required to provide you with a Key Facts Sheet for any loan that you are considering.

AffordAssist deferred deposit agreement (DDA)

Is an Australian first and proprietary agreement created specifically to assist the uptake into home ownership.

The growing number of potential buyers unable to purchase a property and obtain a loan due to the deposit is putting at risk the great Australian dream of owning a home, impacting on our social-fabric and economy.

The DDA is not a loan or vendor finance.

The DDA provides a property-deposit solution for the property sellers and satisfies lending requirements. Replacing the need for the typical 5%, 10% or 20% cash deposit with a DDA.

The deposit amount may be 1% to 25% of the purchase price while the term may be 1 to 20 years, no interest ever payment plan.

The buyer gets 100% ownership in the property title, this is not an equity share or rent to buy agreement.

Governance

AffordAssist is not a mortgage broker (lender or bank). AffordAssist approved mortgage brokers are separate entities and at arms-length thus their duty-of-care and servicing are adhered to as per industry standards and their respective lender process flow.

AffordAssist does not have any commercial agreements to earn referral fees from forwarding your details to the mortgage broker.

AffordAssist provides the program management and governance for seller and buyer protections.

The program offers a proprietary Deferred Deposit Agreement (DDA) which may be used for all or part-of the deposit and includes a no-interest payment plan. Approved lenders recognise that AffordAssist is an alternative to the upfront cash deposit to satisfy lending requirements.

As the AffordAssist DDA is an Australian first, having suitably trained service professionals that understand and manage AffordAssist is essential to your successful property purchase.

AffordAssist’s governance process includes a program solicitor that advises the deposit payments to the buyer, thus protecting other stakeholders and the longevity of the program. Buyers pay a $660 fee directly to the solicitors for this service.

AffordAssist charges for the program management and governance. The fee $1,500 +GST is typically paid for on behalf of the buyer by the seller of an AffordAssist approved property otherwise the buyer would pay this fee.

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