Finding the right home loan can be difficult, particularly if you’re new to the home buying market. Low deposit home loan are very popular for first time home buyers, but can be difficult to achieve if you’re not sure what’s required.
In the past, mortgages of up to 105% were a popular option. Now, most lenders only lend up to 80%, leaving the other 20% to be provided as a deposit. Unfortunately, no deposit home loans (that were commonly available) don’t exist any more. And as house prices continue to rise at a pace which is out of line with Australian salaries, it means that it’s becoming increasingly difficult for home buyers — especially first time buyers — to buy property.