Most lenders will require a minimum deposit for a home loan of at least 20% of the amount you are borrowing. So if buying a house worth $600,000 you’ll need to save a deposit of at least $120,000. There may be some exceptions, however, such as through the Welcome Home Loan Scheme for first home buyers, which would require a deposit of 10%.
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First Time Buyers’ Mortgages.. As a First Time Buyer you will need a deposit of at least 10%, up to 80% loan to value is available for a studio apartment valued at 275,000 or above or a one-bedroom property. We do not lend for the purchase of studio apartments valued at under 275,000.
First-home buyers can apply for a FirstHome grant of up to $20,000 towards the deposit needed to buy one of these properties. FirstHome grant If you’re an existing tenant in a state house you can buy your home if it’s available for purchase.
We know lots of people are thought of as family. So we include family members like children, step-children, spouses, civil partners, parents, brothers, sisters, grandparents, grandchildren. Whoever you choose to help with a Family Deposit Mortgage, all we ask is that they buy their first home – or move house – with a Nationwide mortgage.
If you’re buying a home to live in (owner occupied), you’ll need at least a 10% deposit, however restrictions may apply if you have less than a 20% deposit. If you’re buying a residential investment property, or you’re using a residential investment property you already own as security for a new loan, you’ll generally need at least a 30%.
LMI: This is the other major cost of buying your first home with no deposit. LMI can range from $0 for a quick start loan up to 5.1% of the loan amount. call us on 1300 889 743 or fill in our free assessment for m for an LMI quote or use our LMI premium calculator to find an exact premium for your situation.
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