Saving for a deposit is a major hurdle for first home buyers. In Australia, the average first home deposit is $119,560, but with the FHOG and schemes like the First Home Guarantee, you can buy with as little as 5%. The steps include:
- Calculating your deposit and total purchase costs
- Understanding when LMI applies (usually under 20% deposit)
- Exploring ways to reduce or avoid LMI
- Using grants and incentives to boost your deposit
A finance broker explains how the FHOG can be used towards your deposit and helps you explore options to avoid or minimise LMI. They’ll calculate your borrowing power and guide you on the smartest path to home ownership, ensuring you’re aware of all your options.
