Home Loans For First Home Buyers
Your Path To Home Ownership
Minimum Deposits And
Genuine Savings
Are you a first home buyer dreaming of owning your own home? Securing a home loan is a significant step towards turning that dream into reality. Let’s explore the minimum deposits required and the importance of genuine savings to kick start your home ownership journey.
As a first home buyer, you might be wondering about the minimum deposit needed to purchase your first property. While lenders typically require a deposit of around 10-20% of the property’s value, some lenders offer options with a minimum deposit requirement as low as 5%. Having a clear savings plan is crucial to meet the deposit requirement and qualify for a home loan.
Lender’s value genuine savings, which means savings accumulated over time from your income. Demonstrating a history of disciplined savings showcases your ability to manage finances responsibly, increasing your chances of loan approval.
Did you know, there are ways you can get into your first home with NO DEPOSIT or just 5% deposit? Read on
Family Guarantees - A Pathway To Homeownership Without A Deposit
Worried about not having enough for a deposit? Family Guarantees can be a viable option for first home buyers with limited savings. This innovative arrangement involves a family member using their property as security to help you secure a home loan without requiring a cash deposit.
By acting as a guarantor, your family member enables you to access a higher loan amount or avoid costly Lender’s Mortgage Insurance (LMI). This option can make a significant difference, particularly for those struggling to save a substantial deposit on their own.
Government Schemes
Supporting First Home Buyers
As a first home buyer, you have access to various government schemes designed to make homeownership more achievable. These schemes aim to assist you in overcoming financial barriers and getting into your first home sooner.
One such scheme is the First Home Loan Deposit Scheme (FHLDS), which allows eligible first home buyers to purchase a property with as little as a 5% deposit without requiring LMI. Additionally, the First Home Owner Grant (FHOG) provides financial assistance to eligible buyers, offering a grant to help cover the costs of purchasing or building a new home. Furthermore, state-specific initiatives, like stamp duty concessions and other grants, may further ease the financial burden of buying your first home.
Becoming a first home buyer doesn’t have to feel overwhelming. With the right knowledge and support, you can navigate the path to home ownership with confidence. Understanding the minimum deposit requirements, the significance of genuine savings, and the option of Family Guarantees can empower you to take the first steps towards buying your dream home.
At Simple Property Lending, we specialise in helping first home buyers find the best home loan options and access government schemes that support home ownership. Let us guide you through the process, turning your dream of owning your first home into a reality. Contact us today to embark on this exciting journey!