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Deposit Options

You might not need as much as you think!

Saving for a deposit can be difficult, but there are a few options out there that might help you into your new home sooner.

Guarantor Loans

A family member who has equity in property might be able to provide assistance by way of a security guarantee.

A guarantor loan of this type allows you to borrow funds to cover the full purchase amount of your new home, plus any related fees and charges, without the need of saving for a huge deposit.

This option could also save you thousands in Lenders Mortgage Insurance (LMI). Follow the link below to see how this works.

Gift From Family Members

This is a great option if you are just falling short of the funds you need. You might have a family member willing to assist in helping you into the property market.

A gift is different to a loan and must not come with a condition to be repaid, but it might just make up the difference you need.

We’ll let you know more about the funds you need and where they can come from.

Guarantor Loans
First Home Buyers

Government Grants and Incentives

Are you eligible for a government grant or incentive? The Victorian government provides incentives for first home buyers to assist them into their first home.

We can show you how you can use these incentives when making an application for a home loan. For more information follow the link below.

Sale Of An Asset

Although the sale of an asset might not be able to be used as ‘genuine savings’, you can still use these funds to complete your purchase and to reduce the loan size you need.

Deposit Cash Gift
Geniune Savings

'Genuine Savings'

When applying for a home loan, most lenders will require that part of your deposit is made up of ‘genuine savings’ (i.e. not from sale of an asset or gift).

Genuine savings can be proved by providing bank statements over a 3 month period that shows a consistent savings plan that results in 5% of the purchase price.

However, if you have been renting through a property manager for more than six months and your rental history has always been up to date, some lenders will remove the requirement of proving this 3 months savings history.

Equity From Another Property

If you already have property, don’t feel that you have to have traditional ‘savings’ in a bank account to use as a deposit. Lenders will look at equity within your existing property and might be able to use this equity to fund your deposit on your new property.

Property Investment Houses

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