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Imagine a scenario where teachers can step into the dream of homeownership with greater ease and confidence. Thanks to the Educator Support Loan scheme introduced by Portfolio Brokers, educators can now access home loans with just a 10 per cent deposit while waiving the often burdensome lenders mortgage insurance (LMI).
Why is this so significant?
Typically, a deposit of less than 20 per cent comes with added costs that can accumulate over time. With an Educator Support Loan, these additional expenses are lifted, saving you tens of thousands of dollars in the long run. This initiative not only empowers teachers to achieve homeownership sooner, but it also allows them to invest more in their futures without the weight of extra financial burdens.
Teaching is a demanding and unique profession, filled with its own set of challenges. The long hours, emotional investment, and the continual pursuit of excellence can weigh heavily on educators. Many have expressed concerns about financial stability, job-related stress, and the difficulty of balancing personal and professional responsibilities. This initiative acknowledges those burdens and offers a pathway to alleviating some of that pressure, through home ownership.
The average homebuyer spends over six years saving for a 20 per cent deposit in cities like Sydney (according to research by Domain). With an Educator Support Loan, that timeline can be effectively cut in half, enabling educators to settle into a new home sooner and focus more on their own families.
Not only for teachers
While this is fantastic news for teachers it is not restricted to just one group within a school, as the title ‘educator’ would suggest it is far from exclusive. Educator Support Loans are available to anyone working within our schools, TAFEs, or universities.
Moreover, this program complements existing first home buyer benefits, potentially unlocking further savings through reduced stamp duty. For those of you navigating the complexities of home buying, this means more opportunities to achieve your dreams without unnecessary hurdles.
It also remains open to educators who have formerly owned a home or have been excluded from other programs. The terms have been designed to be as inclusive as possible for our education community. While it is restricted to owner-occupied property and cannot be used for constructions, it is by design, to support educators in their home buying endeavour.
Helping educators thrive
Tim Reid, Lead Finance Broker at Portfolio Brokers, described the ethos behind this initiative: “We are delighted to be able to offer Educator Support Loans to advance educators while they support our communities through the course of their work.”
The program has been designed to help foster a community where educators thrive and support those navigating home ownership. It has been backed by a lender specialising in working with the education sector and they have given their full support to Portfolio Brokers to partner in this.
While your circumstances are unique, any educator considering a home loan should consider the possible benefits of an Educator Support Loan. This may be the little bit of extra help needed to get over the line and purchase the home that seemed unaffordable. It could be the chance to get back into the market that seems to be getting more expensive each year.
All enquiries are subject to a credit assessment, as all home loans are, with some additional restrictions on regional locations. More information on Educator Support Loans is available at Portfolio Brokers website (portfoliobrokers.com.au). Or lead finance broker Tim Reid can be contacted directly on 0478 915 841.
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