Re: Can I still get a home loan with a small deposit?
Posted: Thu Jan 17, 2019 8:34 pm
Hey Peter,
Welcome to the forums.
Firstly congratulations on finishing college.
It looks like you're just shy of a 5% deposit, about $4,000 or so.
South Australia has the first home owners grant (FHOG) which may be enough to cover the shortfall.
Alternatively, you can go for the guarantor home loan.
Irrespective of how much you have saved up, a guarantor loan allows you to borrow up to 110% of the property value.
You can also avoid the cost of Lenders Mortgage Insurance (LMI), which can be more than $14,000 if you were to have a 5% deposit on a $450,000.
With a guarantor, you can hold onto the deposit you've saved and use it to set up your home with furniture, put it into an offset account to reduce your interest bill, or use it to make extra mortgage repayments.
Call us on 1300 889 743 or complete our online enquiry form to discover which low deposit option is right for you.
Cheers,
Otto
Welcome to the forums.
Firstly congratulations on finishing college.
It looks like you're just shy of a 5% deposit, about $4,000 or so.
South Australia has the first home owners grant (FHOG) which may be enough to cover the shortfall.
Alternatively, you can go for the guarantor home loan.
Irrespective of how much you have saved up, a guarantor loan allows you to borrow up to 110% of the property value.
You can also avoid the cost of Lenders Mortgage Insurance (LMI), which can be more than $14,000 if you were to have a 5% deposit on a $450,000.
With a guarantor, you can hold onto the deposit you've saved and use it to set up your home with furniture, put it into an offset account to reduce your interest bill, or use it to make extra mortgage repayments.
Call us on 1300 889 743 or complete our online enquiry form to discover which low deposit option is right for you.
Cheers,
Otto