Hi everyone,
I'm wondering about home loans!
My husband & I are in our 30's & have under $5K saved.
I work part time, my husband works full time & we have 3 kids.
Anyone that's in the same boat or has been & has a happy ending? Is there really such thing of gettinf into the market with a smaller deposit?
We're feeling so deflated about it, we are working our butts off but it's starting to feel like it's never going to happen!
3 Replies
Pretty sure the absolute minimum deposit you can go in with is 5% of the purchase price.
Google home loan calculator - gives you an idea of the repayments with diff deposits etc.
Do you have someone who may go guarantor for you?
Without a guarantor with substantial assets they won’t look at you :(
You need absolute minimum 5% as first home buyers or 10-20% otherwise depending which bank. If you get to 5% deposit and potentially show rental repayments etc. as proof they MAY look at you. But then you need to factor in stamp duty, conveyancing, solicitor costs so to aim for 15-20% is better off.