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What deposit do I need?

No Deposit

Since the Global Financial Crisis, unfortunately there is very little option to fund your first home with no deposit.

The one and only option is getting a little help from your parents.

Here’s how they can help;

– A gift between 5 – 15% of the value of the property, this is classed as a Non-Genuine savings loan

– Guarantor Loan

– A Personal Loan can be an option but only certain people do qualify.

Our Mortgage Brokers are here to assist you with any questions on the above. Please call us on 1300 559 949 or email enquiry@diversifi.com.au.

2% Deposit

If you have saved 1% of the property purchase price, you only need to provide a further 1% from one of the following sources;

– First Home Owners Grant;
– Gift;
– Sale of an asset;
– Tax Return;
– Personal Loan.

This particular loan has quite a rigid policy around employment terms, purchase prices and income, so if you have the above call us to see if you qualify.

Our Mortgage Brokers are here to assist you with any questions on the above. Please call us on 1300 559 949 or email enquiry@diversifi.com.au.

5% Deposit

Since the Global Financial Crisis there are fewer options if you have a 5% deposit, however there are still some good solutions.

Essentially what a Lender is looking for is a demonstration from yourself that you have the ability to repay a home loan.

There are several ways they do this but, please remember our Mortgage Brokers are here to assist you with any questions on the above. Please call us on 1300 559 949 or email enquiry@diversifi.com.au.

Genuinely Saved Deposit

A Lender will look at your savings history, which is called a ‘Genuinely Saved History’.

The minimum for this is 5% of the property purchase price.

Your savings pattern needs to be over a minimum of a 3 month period, preferably in a separate savings account and has regular deposits from each salary cycle.

The Lenders understand that it can sometimes be difficult to save your deposit, especially when living expenses and rents are so high so there are other options. Non Genuinely Saved Deposit

Our Mortgage Brokers are here to assist you with any questions on the above. Please call us on 1300 559 949 or email enquiry@diversifi.com.au.

Non Genuinely Saved Deposit

If you do not qualify under the ‘Genuinely Saved Deposit’, you have other options;

o Own Deposit but not ‘Genuinely Saved’
If your savings amount and history doesn’t qualify under a Genuine Savings Deposit [hyperlink] there is still several options available to you.

• Rent – If you can demonstrate to the Lender that you have been able to pay your rent on time to a Licenced Real Estate Agent over a period of time, then your deposit may qualify.

• Non-Genuine Savings loan – If you do not fit in the above category, then there is another option for you which is a Non-Genuine Savings loan.

This loan generally attracts a slightly higher rate and fees, but it’s an option to get you into your first home.

Once you have enough equity in the home you can refinance with the assistance of your Mortgage Broker, to get you a better home loan product.

Our Mortgage Brokers are here to assist you with any questions on the above. Please call us on 1300 559 949 or email
enquiry@diversifi.com.au.

o A gift for a minimum of 5%-15%
If you have parents or some other kind person willing to gift you your deposit there are several options available to you.

The higher the gift, the more option of Home Loan products are available to you so speak to your Mortgage Broker about what is going to work best for you and the person giving you the gift.

o Personal Loan – Personal Loans are the preferred deposit to any Lender, however if you have a good income and are able to service the personal loan plus your new Home Loan some banks may consider.

o Security Guarantee – A security guarantee is when your parents offer a property as collateral security to your new home so you do not have to save a deposit and you will avoid paying Lender’s Mortgage Insurance which can be a saving of thousands of dollars.

Learn more on what’s required for a ‘Parental Guarantee’ here [hyperlink to ‘Can my parents or other family go guarantor]

Our Mortgage Brokers are here to assist you with any questions on the above. Please call us on 1300 559 949 or email enquiry@diversifi.com.au.