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How much deposit does a first home buyer need?


When looking to purchase your first home it can be quite daunting, one of the most commonly asked questions is “how much deposit do I need?” Well the answer can depend on if you are purchasing to live in or to invest, this will impact weather you are entitled for the first home owners grant and stamp duty concession. Getting into the market can start at as little as a 5% deposit for your primary place of residence.

Under 20% Deposit?

If you have managed to save between 5% - 20% of the purchase price, you may need to pay what’s called (LMI) Lenders Mortgage Insurance. This can be included in your upfront cost or in your loan repayments so that it’s spread over the term of the loan.

No Deposit?

Some lenders will offer a Family Pledge loan Facility which is designed to help first time buyers get into the market easier. Family members can act as a guarantor and use a portion of their own home’s equity to help their loved ones to secure a home loan.

Get specialist help

The mortgage market is extremely complex, and getting what’s right for you is not as simple as visiting your local bank. You need specialist help – the sort of help you get from us at Certified Lending, give us a call today on 0433 590 621 and let us help you get into the market.

"Disclaimer: Your full financial situation would need to be reviewed prior to acceptance of any offer or product"


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info@certifiedlending.com.au

PO BOX 5093

Cairnlea VIC 3023

0433 590 621

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