Thank you for reaching out to us and welcome to the forums.
Using the buy now or save more calculator
, even with a deposit of $50,000, you would be better off buying now than saving for later. You would be better off by approximately $479,225 if you buy now.
Please note that the calculator is basing the results on the average annual property growth in NSW over the past 25 years.
Since your deposit is quite low, you will have to pay Lenders Mortgage Insurance (LMI)
premium of $24,375. To avoid paying LMI, you will need a deposit of at least $140,000 or 20% of the property value. Some of our lenders allow borrowers to add the LMI fees on top of your home loan.
Give us a call on 1300 889 743
or fill in our free assessment form
to find out if you qualify for a low deposit home loan