First Home Buyers In With a 5% Deposit and No LMI
A young couple renting, with a modest deposit saved, who thought they were years away from buying.
The situation
Renting, with a deposit that felt nowhere near enough, this couple assumed home ownership was still years off. They had heard you need a 20 per cent deposit and had quietly given up on buying any time soon.
The challenge
The 20 per cent rule is the myth that keeps capable buyers renting. They had the income to comfortably make repayments, they just did not have, and did not need, a six-figure deposit.
What we did
We mapped out what they actually qualified for. Using the First Home Guarantee they could buy with a 5 per cent deposit and no Lenders Mortgage Insurance, and because they chose a new build they were also eligible for the First Home Owner Grant. We confirmed their price cap, got them pre-approved, and they started inspecting with confidence.
The result
Into their first home with a 5 per cent deposit, no LMI, and a grant in their pocket, about eight weeks from our first conversation. The deposit they thought was too small turned out to be enough.
Your situation is different. Let us look at it.
A free 20 minute chat, no obligation. I will tell you honestly what is achievable and map out the path.
Book a Free ChatThis is an illustrative scenario based on common client situations, not a specific individual, and the figures shown are examples only. Every application is assessed on its own merits and outcomes vary. This is general information, not financial or credit advice. Matty Teague is a Credit Representative (CR 573962) of Flint Group Pty Ltd (ACL 488313).