All loans, even a no deposit home loan attracts State Government fees and charges. So the minimum deposit you will need is 5% of loan amount. Most lenders will not lend to cover these charges unless you offer extra assets for security.

Examples of ways to get your home:

• Non-Refundable Gift
• Use of Equity
• Sell Junk to Get Home

Non-Refundable Gift

We had received a non-refundable gift from our parents to purchase a new house, with no genuine savings over six months we found this could be a major problem and that we might have to wait six months. This was a bad thing for us because the property market was rising, thus purchasing a property in six months would cost us more.

Sold Junk, Got Home

I had been looking at buying a home for a while, but paying for a family and high rent made it difficult to save.

I heard about a loan where you didn't need to save the deposit up, as long as you had enough to pay for the fees and deposit, you could possibly get a loan. We sold one of our cars and some other odds and ends and with the first home owners grant, had enough to get the house!