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16 Aug 2022

Can I buy a house with a $10,000 deposit?

First Home

While a $10,000 deposit is low, you can still buy a home with this low deposit depending on your lender. Some lenders allow low deposit loans as long as you pay a one-time fee. The fee is security and shows the lending company that you are responsible and serious about owning a home.

Most of the time, Australian banks and lenders will only give our home loans to those with strong qualifications and a deposit of 10-20%. Most people, though, cannot afford to wait and save 10-20% of a home’s value especially since the value of Australian homes has soared in the last decade.

Before you consider buying a house with a $10,000 deposit, ask yourself if you are ready. There is a lot more than just the deposit to worry about. Throughout the mortgage application process and the home closing process, there are fees and additional costs that sneak up. It is also good to have emergency savings for the move.

Mortgage House experts are ready to assist you in finding a unique solution to your lending needs. If you want to know what an estimated repayment amount would look like with a $10,000 deposit, use our free mortgage calculator.

Home Buying 10,000 Deposit Conclusion

Overall, while you can buy a home with only a $10,000 deposit, it is not wise unless you are ready to pay a fee and a lot in repayments each month.

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