SGHJLL Posted April 12, 2014 Share Posted April 12, 2014 I have been reading about keystart which is available in WA and wondered if there is a similar scheme operating in Victoria? We are looking at buying a house but do not have the 5% deposit saved as yet. We came over with small change! We are very cautious about any request for finance for fear of it damaging our credit rating by being turned down so wanted to research our options first. We have PR visas and have accounts with NAB and Commonwealth. Link to comment Share on other sites More sharing options...
Guest Guest 47403 Posted April 12, 2014 Share Posted April 12, 2014 Couldn't you go in for an informal chat at your bank just to see what your options are and what's available? Link to comment Share on other sites More sharing options...
wolvesaussie Posted April 12, 2014 Share Posted April 12, 2014 Buying a house with less that 5% deposit seems like a bad idea Link to comment Share on other sites More sharing options...
Petals Posted April 12, 2014 Share Posted April 12, 2014 With such a small deposit the Banks may not look at you, have to ask. They will require mortgage protection insurance to be paid which is not cheap and it is to protect the Bank in case you default. Ten percent is usually the deposit asked by vendors so it will definitely depend on you finding someone to sell to you with such a small deposit. Remember to add on the stamp duty, registration and other mortgage costs. You could see a mortgage broker. With a five percent deposit you will need to not only service the loan but make sure that you can withstand any interest rises in the future. Link to comment Share on other sites More sharing options...
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