When it comes to coming up with a house deposit, everyone is in a different situation. Some have 20% genuine savings, some have the equity from another home loan and some have it gifted by family. No matter the situation, we will try our best to make it work.
In Australia [although rare] you may even be able to get an approval for a loan of 100% of the purchase price of a home with no deposit [This may require meeting certain conditions, such as having a guarantor]. Although that situation is rare, some lenders can offer low deposit home loans with an LVR of 95%, however, this means the borrower needs to save at least 5% of the purchase price [But you will be hit with LMI].
Some different deposit options include [but are not limited to] the following;
- Having your parents go guarantor
- Save up!
- Use equity from another house
- Ask for a non-refundable gift from a family member
- Use the rent you’ve paid as “would be” genuine savings, and come up with the money in other ways [Borrowing off of parents, selling the motorbike you never use etc…]
- Sale proceeds
There are many ways to get into your own home! Don’t think you’re limited just because you don’t have a 20% deposit…! Give us a call on 0412411823 and we can talk about your options.
Disclaimer: Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product.