Catapult Property Group Launches Lending Division

Leading property development company Catapult Property Group has launched a new residential lending division to assist first time buyers to enter the real estate market.

Catapult Director Dylan Crowe said the Brisbane-based company, which has almost $130 million of residential projects in Queensland and NSW, had created a first home buyer program to enable clients to obtain a home loan with a deposit of only $5,000.

Mr Crowe said he was an ardent believer in the great Australian dream of home ownership and had purchased his first property at the age of 18.

“Catapult Property Group has developed a product to take the stress out of saving to buy a new home and provide people with a gateway to the property ladder,” he said.

“This is a great opportunity to enter the real estate market. The clock is also ticking for first time buyers of new homes in Queensland with the State Government’s $20,000 grant finishing on June 30, 2018.”

Catapult’s Director Residential Lending, Paul Anderson, said first home buyers do not require a 20 per cent deposit plus fees to enter the property market.

“There are many banks that are happy to finance a purchase from as little as five per cent deposit and in some cases even less than that,” Mr Anderson said.

“When working with property specialists such as Catapult Property Group who have the builder, broker and financial advisors under the one roof, it’s possible to secure a loan with as little as $5,000.”

Mr 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.

“A lot of so-called experts say you need at least a 20 per cent deposit for a home loan to avoid lenders’ mortgage insurance,” he said.

“Mortgage insurance on a $450,000 home purchase with a minimal deposit usually ranges from $7,000 to $14,000, which is added to your mortgage. This is a more realistic means of entering the property market than trying to save a potentially unattainable amount of around $100,000 for a deposit.”

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