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You may be looking into the best home loans in Sydney. The standard practice is to need a 20% deposit, which is preferable. There are, nevertheless, certain workarounds.

You can loan up to 95% of the property's value, which reduces the amount of money you'll need to deposit. Lenders Mortgage Insurance, which adds up to the loan, will be required in this case. Going this route may cost you a little more, but it will allow you to buy your first home and quit the renting cycle much sooner.

Family Funding – Money donated by other family members is another popular alternative. If you're lucky, these extra dollars might be the difference between buying your first house right away or waiting while you save.

Family Pledge – An alternative to Mum and Dad handing over the cash, in which your parents guarantee the additional deposit amount with their own home.

Co-purchasing – You might not be able to buy on your own, but if you buy with someone else, you could be able to buy half. You'll get into the property market much faster, but keep in mind that you'll need to buy alongside someone who shares your goals, budget, and long-term property strategy. After all, the property is a long-term investment rather than a short-term asset.

While saving for a deposit might be difficult, it is not impossible.


You've probably seen this on a headline before: 'The increasing disparity between housing prices and income makes house ownership unattainable for many Australians,' 

Avoid setting your mind on a penthouse apartment with harbour views for your first buy. Buying something that fits your present lifestyle and is in a handy location for you, but may necessitate a short commute, is a wonderful beginning to explore your alternatives. 

Spending some time analysing your income and, more importantly, your expenses should indicate how much money you have available each month to spend toward loan repayments.

It's probably time to consult a specialist at this point. The best mortgage brokers can help you figure out how much borrowing power your excess amount translates to, giving you a price range to start looking for your first house. If you know your budget, you won't spend time or emotional energy looking at houses you can't afford.

Make sure you keep to your budget once you've set it! That will offer you confidence in knowing that you can afford what you're about to undertake. As a general rule, if you've been renting, you should be able to afford a loan with similar instalments.

Being a little more flexible in what you're willing to look at should give you more possibilities, or at the very least give you some options when there didn't seem to be any.


Buying your first house is a breakthrough point in your life, and being a first-time homeowner is a thrilling experience. It might also be frightening because there is so much to prepare for a home loan. You must ensure that you are financially prepared, complete the necessary paperwork, locate a house, and obtain a first-time home buyer's mortgage.

Wealthy You has been offering one of the best home loans in Sydney for nearly a decade. We provide various options to match your financial demands. We make refinancing your house simple as an alternative finance specialist. Apply for a home buyer's mortgage today!