Re: Applying for a low deposit loan
Posted: Tue Feb 05, 2019 7:22 pm
Hi Rene,
Welcome to the forums.
Most lenders require that you have at least a 5% deposit in genuine savings to apply for a loan. It looks like you’re just around $5,000 shy to apply for a 5% deposit home loan.
As a first time buyer, you are eligible to apply for a first home owners grant (FHOG) which might be enough to cover the deficit.
You can use our first home grant calculator to work out which government benefits such as grants and stamp duty exemptions that you may be eligible for.
With a 5% deposit, however, you are required to pay the Lenders Mortgage Insurance (LMI), which can amount to more than $14,000 if you were to have a 5% deposit on a $500,000 property.
Give us a call on 1300 889 743 or fill in our online enquiry form to find out if we can get you approved.
Cheers,
Otto
Welcome to the forums.
Most lenders require that you have at least a 5% deposit in genuine savings to apply for a loan. It looks like you’re just around $5,000 shy to apply for a 5% deposit home loan.
As a first time buyer, you are eligible to apply for a first home owners grant (FHOG) which might be enough to cover the deficit.
You can use our first home grant calculator to work out which government benefits such as grants and stamp duty exemptions that you may be eligible for.
With a 5% deposit, however, you are required to pay the Lenders Mortgage Insurance (LMI), which can amount to more than $14,000 if you were to have a 5% deposit on a $500,000 property.
Give us a call on 1300 889 743 or fill in our online enquiry form to find out if we can get you approved.
Cheers,
Otto