All Topics / Help Needed! / What can I do when I don’t have enough for a deposit?

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  • Profile photo of blai213blai213
    Participant
    @blai213
    Join Date: 2009
    Post Count: 11
    June 1, 2009 - 6:07 am

    Hi,

    I'm a newbie, so I'm looking to purchase a property but I've only been working for a year, and don't have much savings.

    About $10K all up, which isn't anywhere close to a dep req for say a property worth $350K.  What can I do?

    Can I borrow for the deposit or just save up?  My parents are also willing to back me up if that makes a difference?

    Thanks in advance

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674
    June 1, 2009 - 6:49 am

    What about service ability – you may not earn enough to borrow $350k and you may need to pay legal costs, stamp duty and mortgage insurance.
    Are you living in it if you buy it ?
    If yes you may be eligible for first home owners grant.
    Your parents probably are sitting on a large equity amount with their house that they could borrow against to then lend out to you.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 1, 2009 - 12:09 pm

    I am with duckster as long as your income can evidence serviceability to qualify for the loan then there will be no issue in borrowing from your parents to bridge the deposit shortfall.

    Richard Taylor | Australia's leading private lender

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