The first home buyer loan is a great way to get into the market, but it’s only available to people who are buying their first home. If you want to use this loan for something else, it won’t work. It’s important that you understand what qualifies as a “first home” before signing up with any lender or broker.
You can’t use a first home buyer loan to purchase any property other than your main residence.
A “first home buyer” is someone who has never owned or lived in a property before, and will be using the loan to buy their first home.
f you purchased your investment property from a relative, you need their co-signature on the loan documents. A co-signer is a person who signs a loan document on behalf of another. This means that if you default on the loan and they cannot pay it back, then they will be responsible for paying it off. It’s also possible for your co-signer to give up their rights as a borrower by giving up this option in writing before closing so that you could use it as leverage against them later down the road if necessary (e.g., if there were issues with either party being able to make payments).
If there are no other family members listed on your title deeds or deeds of trust as potential references – meaning they aren’t related at all – then we recommend getting professional advice before proceeding with any purchase unless absolutely necessary due to financial hardship situations like unemployment where someone else might step forward but won’t actually come back after seeing how expensive things get when buying an investment property without having done research beforehand first!
It’s important to note that while a first home buyer loan can be used to purchase an investment property, it cannot be used to purchase other properties. So keep this in mind if you’re planning on buying a holiday home or other property while still living in your main residence.
