How much deposit will I need?
If you’re an owner-occupier you will generally require 5% of the purchase price as a deposit. If you’re an investor, you will ideally have 5-10% of the purchase price. Low deposit home loans can be great for first homebuyers who haven’t been able to save a large deposit due to their circumstances. Family guarantor loans are another great way to help with a deposit if your family is willing to be a limited liability guarantor. Your home loan deposit will usually need to be partly made up from genuine savings.
You can also use a combination of other sources, including:
- Federal first home owners grant and state based first homebuyer incentives
- Monetary gifts, inheritances and tax returns
- First home saver account
Call us today on 1300 881 475 to arrange an obligation free consultation.