If you can afford the repayments but not the deposit, you’ve really only got a few options. Here’s how Springboard compares — honestly.
vs. a guarantor loan
A guarantor puts their own home and savings on the line for your loan. In practice, most families aren’t comfortable with that — and it can strain the relationship. With Springboard, the community fund stands in for the deposit instead, so no family member has to risk their house.
vs. the First Home Guarantee (the government 5% scheme)
The catch people miss: you still have to save the 5% deposit yourself — and pay stamp duty and legals on top. It’s also first-home-buyers only. And the trade-offs are real:
- It tends to push prices up in exactly the brackets first-buyers shop in, because everyone’s competing with the same small deposit.
- A smaller deposit means more interest paid over the life of the loan, and a real risk of negative equity if prices dip.
Springboard covers the deposit and the costs (you’re not saving for years), isn’t limited to first-timers, and isn’t a demand-driven government queue.
vs. renting while you save
This is the trap: while you save, prices keep rising — so the deposit target keeps getting bigger, and you fall further behind while your rent money is gone for good. Springboard gets you in now, for a bit above rent, so you start building equity instead of chasing a moving target.
The Springboard difference
You buy a real home, on a normal mortgage, with the deposit and costs covered — and in five years you refinance and own it outright.
General information only. Springboard Homes is a facilitator — not a lender, mortgage broker or financial adviser. This is not financial or credit advice. Comparisons are general in nature; consider your own circumstances and seek licensed professional advice.