If you’re looking to get into your own home here in the sunshine state, you’ll need to consider how much a deposit for a house in QLD is. If you approach a bank looking for a home loan, you’ll typically be asked to provide a 20% deposit. But when you work with No1 Property Guide, you won’t need to pay anything close to that.
Why Do Lenders Ask for a 20% Deposit for a House?
20% is considered the standard deposit for the majority of banks. This is a figure they use to reduce the risk for themselves in the event that you default and can’t pay off your loan.
Every time a lender gives out a loan, it’s an investment. You pay interest on the amount you borrowed and that’s how the banks make a profit. If you don’t make your repayments, the lender might lose money.
The larger the deposit on the home, the less likely the lender will lose money if you default on the loan.
However, a 20% deposit on a mortgage isn’t obtainable for most renters. On a $500,000 mortgage, that would be $100,000! Most renters don’t have that kind of money just lying around. This is where No1 Property Guide can help.
Darren created his no or low deposit new home system because he knew how difficult it was for renters to get into the property market. Using his specialised system, he has helped thousands of former renters achieve their homeownership dreams.
Do you Need to Pay A 20% Deposit For a New Home?
Use Lenders Mortgage Insurance For a Lower Deposit for a House
Using the First Home Loan Deposit Scheme
Can I Use the First Home Owners Grant for my Deposit?
In short, yes.
What Are Genuine Saving & How Do They Affect My Deposit
There are some conditions to the kinds of funds that’ll be accepted for a deposit. They’ll want to know how the funds were acquired and if they’re ‘genuine’.
Genuine savings serve as an indicator of your financial discipline. It helps lenders assess whether you’re capable of making your repayments. They want to see that you’ve saved up for the deposit yourself. Bank statements should be able to provide enough information on where the money came from.
If you recently received a lump sum payment from somewhere other than your employer, the lender is unlikely to consider this as genuine savings. These include:
- An inheritance
- Tax refunds
The precise eligibility criteria for genuine savings differ between lenders and you’d need to talk to them individually if you want to know their specific policies. Alternatively, you can let the experts at No1 Property Guide take care of it for you.
The amount you’ll need for a deposit for a house in QLD will depend on your circumstance. Without the right knowledge and experience, It’s unlikely you’ll get the best deal. And this is where we can help.
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