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Genworth has unveiled a new mortgage insurance product that will help graduates get into their first home faster.
The 'Graduate Package', which boasts a lot of new features, is expected to make home ownership easier for younger Australians.
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Increased property prices, the removal of the extended First Home Owners Grant and the tightening of credit policy over recent years has made it more difficult for young people to purchase their first home.
Speaking about the new package, Genworth's chief commercial officer Bridget Sakr said many young Australians are tertiary qualified, have stable employment and high potential for income growth, but due to the short time in their career, they have limited savings and asset backing.
"The Genworth Graduate Package allows recent graduates who have entered a professional career to purchase property earlier in their career and in the location of their choice," Ms Sakr said.
To be eligible for the package, borrowers must hold a university degree, must be employed within an occupation related to the degree qualification, graduated within the last five years and have a minimum salary of $50,000.
As part of the package, Genworth will remove the high density restrictions currently in place and offer a maximum LVR of 95 per cent for high density postcodes.
"We want to stimulate first home buyers and this is a great way to do it. University graduates have the potential to earn a lot of money down the track and we recognise this," she said.
