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Camille D.
Camille D.
Rose Bay, NSW

For a first-time buyer's home loan, do all banks in all states require a 10% deposit or is that negotiable?

8 years ago


A deposit is ideal but there are also guarantor loans help first home buyers use the equity in their parents home to purchase property, no deposit required.
Also, don't forget they can be eligible for the first home owners grant.

Contact me for more information.

Kind regards,

Hi Camille,

You may be able to qualify for a 95% loan, requiring only 5% deposit if you're purchasing a home. Investors are required to pay 10% deposit and can borrow up to 90%. However, be aware that the higher amount you borrow above 80% the higher the LMI costs become. This will increase your total contributions required. If you are purchasing a NEW home, you may qualify for an FHOG in your state. You can check on www.firsthome.gov.au

John J Maxwell
0434 544 225
Mortgage Consultant
Cocalex Holisitc Mortgage & Finance Consulting

Hi Camille,
We do 95% loans for owner occupier or investment. You will need funds for your 5% deposit plus our Mortgage Protection fee & any stamp duty liability.

Guarantor loans with some added extras.
- 100% + costs + $50k cash out for FHB.
- Debt consolidation up to 5% of purchase price for all qualified applicants.
- Investment loans accepted
- 3.79% rates apply
- Servicing not required by guarantors.
Call me anytime to discuss

If purchasing with a family guarantee, 5% "genuine savings" are required to show your ability and desire (also called character) to do so. There are some lenders who can look at your rental history for the last 3-6 months.

If you have family who can guarantee the 20% + costs you dont pay the LMI costs and so there is no requirements for genuine savings.

There are family guarantee loans that can help service the loan by paying out debts to $50k and consolidate any credit card or other debts that have a high servicing calculation.

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