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. Work out a budget so you re setting aside money every week. 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. 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. Buying your first home can be overwhelming there s a lot to get your head around.

The deposit is the amount of money you contribute from your savings towards the purchase. Many lenders now require a deposit of 20 of the purchase price excluding transaction costs. How much do you need for a deposit when buying your first home. Eligible first home buyers can withdraw voluntary super contributions which they ve made since 1 july 2017 to put toward a home deposit. Some will accept lower deposits but you may have to pay lenders mortgage insurance.

You can also figure out how long it will take you to reach your savings goal of a deposit. From december 15 2017 till february 15 2018 the mydeposit scheme was accepting applications to make home ownership possible for first time buyers.