Does anyone know whether or not you need the 10% deposit to buy a house?

Question

My boyfriend and i are interested in buying a house and don't have the 10% deposit. We are looking for houses around melbourne.

Answer 1

Are you talking about earnest money deposit (check to seller or real estate company) or down payment for your mortgage?

Earnest money deposit - you can choose how much you'd like to offer as an earnest money deposit - it's really only to show the seller you are serious.

With your mortgage - if it is going to be your primary residence, check into FHA loans - you only need a 3% down payment.

Hope that helps!

Answer 2

Depending on your income, you may be able to qualify for a home deposit loan ( http://www.quickdirect.com.au/Content/No... )... so that might be something else you'd want to look at.

Answer 3

Credit for mortgages is harder and harder to get so the down payment is practically a must for consideration. Let's face it... if you can't afford to save $400-$500 a month for a year or so, you cannot afford that house payment, taxes, insurance, maintenance, and all of the other costs of home ownership so it's important to get a savings plan together and make those payments to savings in the same amount or more as the mortgage and associated payments would be. It makes no sense to buy a home you cannot afford so let your savings dictate what you can afford. If you want a $1,000 a month mortgage you should be able to save the difference between current rent and that $1,000 a month payment by the 1st of each month, every month, with no exception. Don't accept a loan that a bank or realtor tells you that you can afford... let your heart tell you.

Answer 4

You're wasting your time.  

Answer 5

As i answered in your other question, no, you dont need 10% deposit for a home loan. Many lenders are doing 100% home loans, so you dont need a deposit.

edit: i know this, because i work for a bank in Australia. A bank that does 100% or no deposit loans.