The burden of buying a first home is often shared across generations. But if parents or grandparents can’t help with a deposit or act as a guarantor, a 20% deposit can seem unachievable.
In Brisbane, it takes an average of 4 years and 3 months to save the deposit for an entry-level home.
If you’d rather get there sooner, or rent is keeping you from saving, it helps to:
We can help you know your deposit amount – how much you need to save to put a home loan in reach – and help add some light to the end of the first home buyer tunnel.
If you’re doing your mortgage sums based on a 20% deposit, talk to the QBANK home loan team about how we can help reduce your deposit as a First Home Buyer.
Buying a home comes with a range of out-of-pocket costs, including:
*LMI protects the lender if you are unable to meet your mortgage repayments. While most loans with deposits under 20% attract LMI, the Classic First Home Buyer home loan gives you the option to add LMI to the loan (total LVR including LMI not to exceed 100% LVR). For example, 95% of your loan could be for the property, and LMI of up to 5% could be rolled into your loan rather than be a separate upfront charge.
The deposit you need – your magic number – could be less than you expected.
When you know your number, it’s easier to set an achievable savings goal.
Your first home could be closer than you think. To find out more about taking out a home loan with QBANK, book a conversation with one of our home loan specialists or call 13 77 28.
This information is general in nature and does not take into account your objectives, financial situation or needs, therefore, you should consider whether this information is appropriate for your personal circumstances before making a financial decision.
No-one is immune from being scammed. You can’t always avoid being targeted by scammers who want to separate you from your money, but you can protect yourself by learning about scams, how they work, and what to do if it happens to you.
The Australian Government Guarantee, also known as the Financial Claims Scheme (FCS), provides protection for funds deposited in eligible financial institutions up to a limit of $250,000 for each account holder.
Following the decision by the Reserve Bank to reduce the official cash rate, QBANK will reduce interest rates on its variable rate home loan products for owner occupiers and investors by 0.15% per annum. Mortgage secured overdraft rates will also be reduced by 0.15% per annum.