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  1. #11
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    I am pretty sure a friend of mine did it about 6 years ago. Not sure of the details, but the amount wouldnt have neen too crazy because his purchase price would have been small (small apartment in a soso area).

    We just bought with only a 6% deposit due to a similar issue, it was taking ages to save but we can definitely service a loan - its only a tad more than our rent was!

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    hazzyj  (07-06-2016)

  3. #12
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    We have had to stop 'looking to see what's about' because we were just getting ourselves so down! It's hard to see something you want but can't have. Keep plugging away. We'll get there @hazzyj xx

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  5. #13
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    Ahh ok, yeah that's the thing, rent and mortgage can be quite on par these days! @smallpotatoes

    I think we'll have to do the same ... Always find a house we love! Which hopefully means when the time is right we can do the same. One positive is it looks like prices aren't going up any time soon ☺️

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    I had a large deposit but then my mum also 'gifted me money' it had to sit in bank for 3 months I think I can't remember seems so long ago 😳 but that was so I didn't have to pay LMI but then we decided against it I can't remember why hahaha!

    Rent can be used as your house deposit these days so I would look into that have a look at homestart website the rates are a little bit higher I think.

    Also I wouldn't borrow a deposit like that as then it's finance and then it's a debt for a debt I hope I'm making sense? If u have a family member who would go guarantuee that would be awesome

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    The best thing is to speak to the bank and find out your options. You don't need 20% on all loans but you will need to pay mortgage insurance. If you have a good credit rating, can service the loan easily and have some deposit the bank should be able to give you some options.

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  10. #16
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    @monnie24 haha

    Yeah I def get the debt for debt I guess the reasoning is forking out money for rent whilst saving or paying interest in a personal loan .. Is it much of a muchness? Also we have no debt so a mortgage of around 400 and a 40k loan doesn't seem too crazy?!

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    Quote Originally Posted by hazzyj View Post
    @monnie24 haha

    Yeah I def get the debt for debt I guess the reasoning is forking out money for rent whilst saving or paying interest in a personal loan .. Is it much of a muchness? Also we have no debt so a mortgage of around 400 and a 40k loan doesn't seem too crazy?!
    Your repayments on 400k will be about 2k a month then a 40k loan about $1k a month. So that's about 3k a month depending on interest rates. To me a $40k personal loan is insanity. If you have zero deposit you shouldn't be buying a house. I highly doubt a bank would give you a mortgage if you needed to take out a 40k loan and have no savings. (40k is only 10%) Unless you have 40k already saved and you are trying to get another 40k to make a 20% deposit in which case I would pay mortgage insurance instead of taking out a loan.

    If you can service 3k in repayments easily then you must have a decent income in which case I would move into the cheapest accomodation possible (a 1 bedroom unit) if I had to and save my backside off for a year or two then buy with whatever deposit you have.

    But hey that's just my 2 cents worth.

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    Some banks will do this without actual interest rate penalties for various professions with no mortgage lenders insurance. It's an option for Drs I know. They split the loan into 80/20 to tick boxes of ratios, but they only bend rules without penalty for some professions, not sure about in general. Boq, prev investec did this up to 105% value.... With awesome rates.

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  15. #19
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    Don't forget that you'll need more than just the 10% deposit. You also need to cover stamp duty (unless you get an exemption in your state) and other fees and charges.

    I'd keep saving. You could also consider going for something cheaper (e.g. apartment or townhouse farther out of town) and working your way up to a house, which is what we did. It's much easier once you've got a foot in the market.


 

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