Home Loan Variable: 1.89% (1.9%*) • Home Loan Fixed: 2.19% (2.95%*) • Fixed: 2.19% (2.95%*) • Variable: 1.89% (1.9%*) • Investment IO: 2.34% (2.29%*) • Investment PI: 2.14% (2.15%*)

How Much Deposit is Required For My First Home?

This is a tough question to address without an understanding of your circumstances, For a first home a deposit of anywhere between 5% and 20% will be required, with the lower rate predicated upon Government assistance or grants.

Generally speaking, a deposit of 20% of the value of the property will save you from incurring additional fees such as Lenders Mortgage Insurance.

Some lenders will let you borrow up to 95% of the purchase price and then permit you borrow the cost of the Lenders Mortgage Insurance on top of that.

If you don’t have a deposit, you may borrow up to 100% of the property’s purchase price, in two ways:

  • Family Pledge. The Pledge allows a family member offers their property as security for you to purchase your property.
  • 100% House and Land packages. In some cases you may be able to borrow up to 100% of the price of the brand new home and land.

Download our 40-page First Home Buyer Guide. Get actionable information on buying your first home.

  AUS Eastern Standard Time (Virginia)

  Want a no-obligation discussion?
 

Share this FAQ

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter
Share on linkedin
Share on Linkdin
Share on pinterest
Share on Pinterest