Need Help: First Home Buyer
Need Help: First Home Buyer
Hi, I am a first home buyer. I earn around $58k. I don't have any savings at all. I only have 5k savings. I don't have any credit cards but I have a personal loan which repay $411/Month. I am single. I am looking to buy a property (unit) not more than $300k. Would I be able to get 95% or 97% home loan? My credit file is clean. I never had any defaults. Please help.
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
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Re: Need Help: First Home Buyer
You would need to save a 3% deposit as a bare minimum. This cannot be a gift or from any other source, it must be saved yourself. Note that for 95% loans they are very conservative and will look at all of your accounts for the last 6 months. Any missed payments, overlimits, declined direct debits etc and your loan will be declined right away.
The other option is to look at getting a guarantor home loan which would allow you to borrow 100% right away.
The other option is to look at getting a guarantor home loan which would allow you to borrow 100% right away.