Buying Your First Home Deposit

We ve got the tools and knowledge to help you no matter what stage you re at from saving a deposit to finding your new home.

Buying your first home deposit. Under the first home super saver scheme fhsss first home buyers who make voluntary contributions into their super can withdraw these amounts up to certain limits in addition to associated earnings from their super fund to help with a deposit on their first home. That s why generally the lender will require that you have a deposit. Some will accept lower deposits but you may have to pay lenders mortgage insurance. Buying your first home can be overwhelming there s a lot to get your head around. How much do you need for a deposit when buying your first home.

Many lenders now require a deposit of 20 of the purchase price excluding transaction costs. Set up a savings account or term deposit or use the first home super saver scheme for up to 30 000 of savings. You can also figure out how long it will take you to reach your savings goal of a deposit. When you have a stake in the property it reduces the lender s risk. The deposit is the amount of money you contribute from your savings towards the purchase.

From december 15 2017 till february 15 2018 the mydeposit scheme was accepting applications to make home ownership possible for first time buyers. The typical deposit is 20 per cent of the purchase price although it s possible to buy a home with a deposit as low as 5 per cent.