Wondering how much you need for a home deposit? While saving for a home deposit may seem insurmountable, with government incentives, a strong understanding of the market and careful planning, you no longer need a big home deposit up front to secure a loan!  

At Connecting Finance, our team have over 100 years combined experience in the banking industry so we know how the banks work and can secure a great loan for you! In reviewing your finances and putting together a plan to help you get into your own home, we consider:

  • The new First Home Buyer Choice Scheme. From January 16th 2023, in NSW you can choose whether to pay stamp duty OR an annual levy of $400 plus 0.3 per cent of your property’s land value;
  • The Home Guarantee Scheme (HGS) formerly known as the First Home Loan Deposit Scheme has 35,000 First Home Guarantee places available to eligible first home buyers and 5,000 Family Home Guarantee (FHG) places for eligible home buyers each financial year;
  • Putting yourself in the best possible financial position for a loan approval. We can help create a plan to demonstrate to the bank your spending (including board or rent) and saving patterns to show that you can meet loan repayments;
  • A Family Pledge or limited Parental Guarantee where you use the equity in your parent’s home to cover a deposit and help secure a loan;
  • Obtaining a loan from your parents or extended family members to help get you started.
  • You may also be eligible for the new Shared Equity Scheme designed to help teachers, nurses, police, single parents or older singles enter the housing market from January 2023.

By reducing the costs associated with buying a new home, showing a pattern of saving or responsible spending and leveraging existing assets, you can avoid the need for a big cash deposit and get into your first home sooner.

Need some help? At Connecting Finance, we ’re across NSW regulations, requirements, grants & assistance programs and have local industry contacts. Our team has access to different loans from over 40 lenders so we can identify a great loan for you from right across the market and we provide support through every stage of the loans process, even ensuring your loans are set up and working the way they should be!

To find out how we can help you with your lending needs, get in touch today or find out more at  ConnectingFinance.com.au

Geoff Bell, Director, Connecting Finance

3 Reasons to Choose Us

With over 15 years’ experience in the banking industry, we know how banks work and will secure the best loan for you!

We put our customers first & will guide you through every step of the loan process from our first conversation until settlement, and we even follow up to make sure everything’s as it should be

We are a boutique mortgage broking company that has been built on trust and integrity.