What Are My Home Loan Deposit Options?
For many first home buyers, saving a home loan deposit can be a real challenge.
It may be helpful to know that there are ways of making it easier, however. That doesn’t mean you are going to find a no deposit home loan, but it does mean that there is more than one way to meet the deposit requirements of loans.
In general, at least part of your deposit will need to be made up from genuine savings - there is no getting out of that!
However, if you are unable to pay a big deposit due to high rent costs or other financial circumstances, you may be able to secure a low deposit home loan.
Some lenders can recognise 12 months of continuous rent payments as part of your deposit.
Eligible purchasers may also qualify for the first home owner grant and stamp duty concessions, which can both bring down the upfront costs of securing home finance.
Many banks also have first home saver accounts which can help your progress towards saving a deposit.
And don’t forget that monetary gifts, sales of an asset and inheritances can all go towards your deposit!
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.