Smallest deposit for first home 600-700k loan

Discussion in 'Loans & Mortgage Brokers' started by Jack1995dw, 26th Jul, 2021.

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  1. Jack1995dw

    Jack1995dw New Member

    Joined:
    26th Jul, 2021
    Posts:
    1
    Location:
    Newcastle
    We're looking to buy our first home. My partner and I earn combined ~$140,000. What is the minimum deposit we would need for a 600-700k loan?
    What first home buyer schemes are there ect

    I'm open to any brokers on here contacting me

    Cheers
     
  2. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

    Joined:
    23rd Aug, 2015
    Posts:
    710
    Location:
    Bella Vista
    There's a few schemes avaliable, check out the below govt website.
    First Home Loan Deposit Scheme | NHFIC

    Otherwise a guarantor loan. You can borrow up to 100% of the purchase price plus stamp duty.
     
  3. Lindsay_W

    Lindsay_W Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    2,903
    Location:
    QLD
    For a $700K purchase price in NSW you would need approx $46K (this includes deposit + Stamp Duty costs) as bare minimum and that's assuming you qualify for a lender that allows 99% LVR's for first home buyers, there's really only one lender that can do this that I know of.

    There are other ways you can borrow 100% of the purchase price plus costs via a security guarantee from your parents for example, however then that ties up their property with yours and not everyone is OK with that from a risk perspective.