Around 1,900 suburbs have median prices that would require less than $100,000 home loan deposit
Home loan and mortgage broker, Aussie, has crunched the latest data from CoreLogic to identify the top suburbs in each state where buyers can purchase a property with a deposit of $100k or less.
Aussie’s Suburb Spotter Map revealed there are 3,960 suburbs across Australia where homebuyers can potentially purchase a house with a 10% or 20% deposit of less than $100,000.
Meanwhile, around 1,900 suburbs have median prices that would require less than $100,000 home loan deposit.
Aussie CEO of distribution Brad Cramb said the Suburb Spotter Map shows that despite the increasing trend in dwelling prices across the country, there are still opportunities for many homebuyers to break into the market without breaking their pockets saving for a deposit.
You don’t always need to have a 20% deposit to buy a home, Mr Cramb said.
Mr Cramb said homebuyers, particularly first homebuyers, can consider 5% or 10% home loan options where they can have a guarantor, access government support schemes such as the First Home Loan Deposit Scheme, or pay Lenders’ Mortgage Insurance (LMI).
Figures from Aussie show that around one in five borrowers have secured a home loan with LMI over the past year.
Some banks and lenders even offer LMI discounts or special offers, and for some professions they can also waive LMI, so it’s worth speaking to a mortgage broker to see if this could be an option for you, Mr Cramb said.
It is crucial, Mr Cramb believes, for homebuyers to ensure they have a pre-approval with their chosen lender, which would give them confidence to make an offer once a property comes up on the market.
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