Recently some first-home buyers asked us to help them buy a home with only 10% deposit. One was a Kiwi and the other didn't quite have permanent residency.
They'd had no luck with 3-4 banks via another broker, so we came up with a plan—increase their deposit to 15% with a small personal loan and borrow 85% from a non-bank lender. Our very happy clients have now successfully bought their first home, and when permanent residency comes through for the second applicant we can look to refinance with a major bank.
Expanding on this theme, we've produced two new video guides this month featuring on our new Video Help page:
- How to place an offer with less than 20% deposit
- How to place an offer when your deposit is 20% or more
We hope you find them helpful!