Is it still possible to get a No Deposit Home ?
Yes, its still possible for first home buyers to use the government first home owners grant for most or all of the deposit on your new home.
There’s a few options including using the FHOG or a Guarantor.
If your renting is possible to use your rental receipts as proof of savings for the loan.
Use your First Home Owners Grant to add to your deposit to make up the 5%
You will also need a couple of thousand dollars to cover solicitors and other costs.
HOW MUCH DEPOSIT IS NEEDED ?
Well it depends mainly on the cost of the new home, here’s some examples at 5%.
Lenders have slightly different rules, so here’s a bit of a guide to give you some idea.
Here’s how much cash you will need in the bank allowing for the $15’000 first home buyers grant to form part of your deposit.
$300k home & land = $2000 to cover costs such as solicitors etc.
$325k home & land = $1650 deposit + $2000 costs = $3650
$350k home & land = $2500 deposit + $2000 costs = $4500
$375k home & land = $3750 deposit + $2000 costs = $5750
$400k home & land = $5000 deposit + $2000 costs = $7000
You get the idea, 5% of your house and land price less $15000 fhog plus a couple thousand for costs
Plus if your a first home buyer you don’t have to pay stamp duty under $500k home
Everybody’s circumstances are a little different, so please don’t take this information as financial advice. We do our best to ensure we provide accurate information, it’s a third party who will provide your new home loan.