For many Sunshine Coast locals, the idea of buying a home feels both exciting and a little daunting.
With property prices rising over the past decade, it’s easy to assume you need an enormous deposit before you can even think about entering the market.
The truth is, the deposit required is often smaller than people think, especially if you’re eligible for current government support programs.
You may be able to purchase with as little as a 5% deposit and, in some cases, even less, depending on your eligibility.
For first-home buyers, single parents and older Australians re-entering the market, requirements have changed considerably. Bank policies have evolved, and government-backed schemes have been introduced to reduce the deposit barrier to home ownership.
So, What’s the Right Deposit for You?
That depends entirely on your circumstances. You may not need a cash deposit if you can use equity in a property you already own.
Government schemes may also be an option, but they aren’t one-size-fits-all. This is where speaking with an experienced mortgage broker can be valuable.
A broker can:
• Confirm your eligibility
• Calculate your deposit requirements
• Compare lenders participating in each scheme
• Show you how much you may be able to borrow
• Map out a clear path towards getting the keys
Most importantly, a broker can explain what may be possible for you right now, rather than leaving you to rely on assumptions.
If you’re considering entering the market or would simply like to understand your options, reach out for a chat.
completefinance.com.au
