Re: With our small deposit, what options do we have?
Posted: Tue Oct 15, 2019 6:53 pm
Hello Kira. Welcome to the forums.
There are many options available to get a home loan despite not having a large saving. However, a minimum of 5% of the property price is required as genuine savings. In your case, you will have to show a savings of at least $10,000.
There are also some lenders who will take your rent as genuine savings, but you will still need to show a deposit.
This savings can come in the form of gifted deposits from your parents and some banks even allow personal loans as genuine savings.
The most common option that people with little to no savings undertake when getting a home loan is taking on a guarantor loan. With a guarantor loan, you can borrow up to 105% of the property value.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a home loan.
Cheers,
There are many options available to get a home loan despite not having a large saving. However, a minimum of 5% of the property price is required as genuine savings. In your case, you will have to show a savings of at least $10,000.
There are also some lenders who will take your rent as genuine savings, but you will still need to show a deposit.
This savings can come in the form of gifted deposits from your parents and some banks even allow personal loans as genuine savings.
The most common option that people with little to no savings undertake when getting a home loan is taking on a guarantor loan. With a guarantor loan, you can borrow up to 105% of the property value.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a home loan.
Cheers,