Home Buyers
Dreaming of Buying Your First Home?
For many Australians, homeownership is a major life milestone—right up there with getting married or starting a family. Given its significance, careful planning is essential. Many first-time buyers often wish they had started saving sooner. But how much do you really need for a deposit? How much can you safely borrow from the bank?
At Lenders Spot Finance, we guide you through the entire process, offering expert advice and securing your pre-approval—completely free of charge. We also collaborate with your real estate agent, solicitor, and bank to make the journey as smooth as possible.
We take the time to understand your goals and specific needs. Our expert consultations will help determine if you’re ready to invest, ensuring you make informed decisions. No matter how long the process takes, we’re here for you every step of the way.
With the right advice and a few simple steps, securing a home loan can be easier than you think. Let the Lenders Spot Finance team help you turn your dream of homeownership into reality.
How Much Deposit Do I Need?
Low Deposit Home Loans – Borrow Up to 90-95% of the Property Value
Entering the real estate market can be challenging, whether you’re a first-time buyer or a seasoned investor. Saving the traditional 20% deposit for a home can take time and effort.
With a low deposit home loan, you may be able to secure a property with as little as 5-10% deposit. However, these loans often come with additional costs, such as Lenders Mortgage Insurance (LMI), and may require proof of genuine savings.
Understanding your options is key. Let Lenders Spot Finance help you navigate the process and find the best loan solution for your needs.
Family Guarantee
A family guarantee allows a family member to act as a guarantor to help secure your deposit, giving you increased borrowing power. This can reduce your Loan to Value Ratio (LVR) to below 80%, helping you avoid Lenders Mortgage Insurance (LMI). With a Family Security Guarantee, you may even be able to borrow up to 100% of the property’s purchase price.
With a low deposit home loan, you may be able to secure a property with as little as 5-10% deposit. However, these loans often come with additional costs, such as Lenders Mortgage Insurance (LMI), and may require proof of genuine savings.
How Much Is the First Home Owner Grant?
The First Home Owner Grant (FHOG) varies across states and territories in Australia. Click the links below to find specific details for your location.
Upgrading – Buying Your Second Home or Building?
If you’re considering upgrading your home, you have four main options:
- Renovate your current home
- Buy a new home
- Build a new home
- Knockdown & Rebuild
Each option comes with its own advantages and challenges, depending on your goals and financial situation. There’s no one-size-fits-all approach to upgrading, but when you’re ready, the Lenders Spot Finance team is here to help you secure the right financing for your next step.