Aka, the one for those who haven’t just found out they’re the heir to Genovia.
Because life has to be fun.
Life in Australia’s most underrated (and quietly brilliant) city is pretty sweet. Think world-class wine regions on your doorstep, a buzzing food scene, and festivals for days… so it’s no surprise your savings might have taken a bit of a detour.
Luckily, if you’re dreaming of home ownership in Adelaide, there’s a range of low deposit home loans that could help you get the keys to your own place – without waiting forever or draining your smashed avo fund.
Starting from 0%. Yes, you read that correctly.
Let’s count the ways, shall we?
0% Deposit – The one backed by mum and dad. One of the biggest lenders in the country, and still our sentimental favourite. With BOMD (The Bank of Mum and Dad) acting as guarantors, you could borrow up to 100% of your home loan with a deposit of 0%. Yep, 0%. If your folks are happy to help, this can be a great fast-track to homeownership. Read more about Guarantor Home Loans.
2% Deposit – The one backed by the SA Government. Through HomeStart Finance, a South Australian government initiative, eligible buyers can get into their own home with as little as a 2% deposit – and no Lenders Mortgage Insurance (LMI) required. There are also options like shared equity and starter loans to help cover upfront costs. Read more about HomeStart Loans.
5% Deposit – The one backed by the bank. If you’re going it solo and don’t qualify for HomeStart or BOMD support, the good news is that many banks will lend up to 95% of your home loan. Just be aware you’ll need to meet a few stricter criteria and factor in the cost of LMI.
Let’s count the ways, shall we?
0% Deposit – The one backed by mum and dad. One of the biggest lenders in the country, and still our sentimental favourite. With BOMD (The Bank of Mum and Dad) acting as guarantors, you could borrow up to 100% of your home loan with a deposit of 0%. Yep, 0%. If your folks are happy to help, this can be a great fast-track to homeownership. Read more about Guarantor Home Loans.
2% Deposit – The one backed by the SA Government. Through HomeStart Finance, a South Australian government initiative, eligible buyers can get into their own home with as little as a 2% deposit – and no Lenders Mortgage Insurance (LMI) required. There are also options like shared equity and starter loans to help cover upfront costs. Read more about HomeStart Loans.
5% Deposit – The one backed by the bank. If you’re going it solo and don’t qualify for HomeStart or BOMD support, the good news is that many banks will lend up to 95% of your home loan. Just be aware you’ll need to meet a few stricter criteria and factor in the cost of LMI.
Scrimping and scraping for a 30% deposit? Loosen that belt a little and explore a low deposit home loan (they do exist!).
Smart Finance Moves: Own Your Home Sooner
Did you know you can get a home of your own with a couple of grand in savings, pending you meet a few criteria? No – well, now you do!
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