Can I get a home loan with a 5 per cent deposit?
More than a third of potential homebuyers are looking to enter the property market with 5 per cent deposit or less according to recent study. One in eight potential borrowers have no savings at all.
However banks and the government banking regulator APRA do not favour big loans with small deposits. Banks are offering sweeteners to borrowers with big savings. A lot of buyers are overstretched. The average mortgage has increased 23 per cent in five years.
Source: Mortgage Business