How much deposit will I need?
As a general rule, if you are an owner-occupier you will require 5% of the purchase price as a deposit. If you are 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 you with your home loan deposit, if you have family willing to help as 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