Saving enough money for a home deposit is a must, but how much do you really need?
Well, it depends on the lender you go with as each has different lending criteria. For example, if you’re looking at a big four bank (Bankwest, Comm Bank etc.), they’ll ask for a 20% deposit which is out of reach for most first home buyers.
However, if you’re like most of our clients and are happy to explore options outside of the big four, there are several options for those with smaller deposits. Like, much smaller. Take Keystart for example – funded by Western Australia, for Western Australians, Keystart is a government lender that only requires a deposit of 2%. Meaning you could get started with a deposit as little as a few grand!
If you’re not sure what your options are or even where to start, get in touch with a mortgage broker. We use Oui Finance, because they’re absolute pros in this space and are sure to uncover the best option for you too.