You’re probably also disheartened by the same media reporting that banks are making it harder for buyers to get a home loan, tightening their lending criteria in the wake of the banking Royal Commission.
So should you give up and blow your measly deposit savings on a trip to Hawaii instead?
Probably not, according to ratecity.com.au which reports there are still more than 75 lenders that allow home buyers to borrow up to 95 per cent of the property value.
So if you’re buying a house in Brisbane, then just $28,183 is all the deposit you need to secure a house at the median price of $563,666.
Sound too good to be true? Well it is true. But you do want to make sure you can afford the repayments. And the bigger the loan, the bigger they’ll be.
If you’re struggling to understand what you can afford, the best thing to do is to talk to an independent financial advisor who can help you figure out how much you can comfortably repay and recommend a loan amount based on that.
Then start talking to local agents about what kind of property you can buy in your price range. Before you know it, you’ll be popping open the bubbly on the front step of your very first home.
Looking to take out your first mortgage? View our current listings for sale.
Still saving your home deposit? Check our listings for rent.
