Nearly every bank and lending institution in Australia has increased the amount of deposit required to get a mortgage. From midnight 9 April the last of the best no deposit home loans will not be available any longer. However, you can get a pre-approval which will last for 90 days if you apply on or before the 8th April 2009. There is no cost for a pre-approval. With this particular lender you need to be employed in the same job for at least 6 months. This particular loan will allow you to lend up to 100% of the purchase price.
For this next season it appears most banks will require 3-5% genuine savings demonstrated over at least 3 months and a 5-10% deposit. There are still many loopholes. Some banks will accept "non genuine savings”. This means you can use a personal loan as a deposit or a gift from your parents. Also, part of your genuine savings can be the rent you are currently paying. If you're curious as to what your options are give us a bell. We can sit down and assess your personal situation and show you what is available. If you're not eligible now we can outline a plan for you to get into your first home in the near future.