Many first home buyers are struggling to save a 20 percent deposit, but there are other options. The good news is that you don’t necessarily need a 20 percent deposit. There are some lenders who will lend on low deposits, and accept borrowed or gifted deposits too.
Say you received an inheritance, or your parents lend you money for a deposit. Well, the bigger banks often view these sorts of deposits unfavourably, which can make it hard to get approved for a loan. However there are other lenders who are more flexible.
Speak to a Mike Pero Mortgage Adviser, they know the market and can help you see what your options are. You can find your nearest Mike Pero Mortgage Adviser here.