fbpx
1300 416 700
Home Loan Types The Team Calculators Learning Our Difference Get in Touch
First Home Buyers
Mortgage Basics

What to consider when buying property with a 5% deposit.

Too risky, not possible, not worth it? Think again. If you satisfy the below requirements you may be eligible to borrow 95% of the purchase price of your home.

Have a clear credit history.

Buying property

It is a legal requirement that banks lend to only those who are in a position to pay back their loan, therefore will ask to see your credit history. It is part of their responsibility in ensuring that people do not become overwhelmed and default. This record will need to be provided by one of the main reporting agencies and will need to be spotless.

Master the Sydney property market with leading industry insights and market trends straight to your inbox

Helpful Tools

Choosing a home loan is one of life's big decisions. We get it.

Start planning your next move using one of our handy calculators.

Steady job.

If you’re a doctor or accountant good news!

These positions are deemed more stable and at less risk of leaving you jobless.

A long stable history of working in well paid positions will also work in your favour.

Steady job

Steady income.

Steady income

To demonstrate that while it may take you a little while you WILL pay off the loan a bank may request to see your bank statements from the few months prior to submitting your application.

They will be looking for dedication and consistency when it comes to saving patterns ensuring that you have what it takes to put away the $$$ month after month.

Location, Location.

To qualify you will need to be purchasing a regular property.

This includes a house, townhouse, unit or vacant land.

You will also be required to purchase a home in a major city or town.

This is because these areas are more in demand and if you’re at risk of defaulting homes in these areas can be sold much easier.

Location

These requirements work on a case by case basis so if you have any questions click here to speak to a Shore Financial broker.

Learning

Related Articles

Mortgage Basics

Mortgage Pre-Approval 101: Are You Locked Into One?

13 Aug 2021
Mortgage Basics

Which Home Loans Have No LMI?

21 Jun 2021
Guides
Mortgage Basics

Why Do Home Loans Get Rejected?

14 Apr 2021
Guides
Mortgage Basics

How Much Income Should You Spend On Your Mortgage?

16 Mar 2021
First Home Buyers
Purchasing

When will be the Best Time to Buy this Year?

20 Jan 2021
Mortgage Basics
News

Home Loan Subsidies: What is out there Currently and are ...

20 Jan 2021
Mortgage Basics
Refinancing

What Improves and Damages Borrowing Power?

19 Jan 2021
Guides
Mortgage Basics

How To Choose A Mortgage Broker

16 Dec 2020
Guides
Mortgage Basics

What is the Role of a Mortgage Broker?

19 Nov 2020
Mortgage Basics

LMI Explained: Everything You Need to Know About Lenders Mortgage ...

15 Sep 2020
Mortgage Basics
News

How JobKeeper & Super Claims Could Affect Your Home Loan Application

17 Aug 2020
First Home Buyers
Guides

A Step-by-Step Guide to Securing a 95% Home Loan

17 Jul 2020
Mortgage Basics

Mortgage “Relief”: is it really the answer you need?

9 Apr 2020
Guides
Mortgage Basics

6 Secrets for Increasing the Value of Your Property

21 Feb 2020
Mortgage Basics

Heard of a Self-Declaration Loan? Here’s How It Can ...

15 Jan 2020