This is one of the most common questions I hear from first home buyers. Prior to the GFC I would have had no hesitation in anwsering “Yes” to that question, but as we all know things are quite different now.
The “No Deposit” home loan that some lenders were offering are a thing of the past and if anything, lenders have become a lot more cautious now. The First Home Owner’s Grant has been reduced in most states, and 5% is not enough to cover the purchase costs let alone provide the equity lenders require. However, one bank has come up with an innovative way to help first home home buyers and I thought it would be worth sharing my knowledge.
Instead of me going into the details here, I found this post covered the concept pretty well. Please read this article and you could be on your way to purchasing your fist home.