If you don’t have a 20% deposit can you still buy a home? 🏠
A 20% deposit is the most well known way of securing your dream property, but there are other options that may be available, including:
✅ Government schemes: if eligible, the Home Guarantee Scheme can get you into a home with a 5% deposit and no need to pay lenders mortgage insurance (LMI).
✅ Low deposit home loan: some lenders provide home loans with a deposit of 10%. But you’ll most likely have to pay LMI.
✅ Ask family to act as a guarantor: this may help you dodge LMI and boost your borrowing power. But remember that defaulting on your loan greatly affects your guarantor.
✅ What’s your profession?: Some professions – including nurses, midwives, doctors, lawyers and accountants – can qualify for waived LMI with a low deposit home loan.
If you’d like help finding the right low-deposit loan reach out to us today. 👋
To find out more, DM me or contact Nicole on:
☎ – 0412 169 035
💻 – nicole@nsfinance.com.au
Do you need 20% deposit?
folder_openNews
commentNo Comments
