{"id":460,"date":"2021-12-03T10:39:24","date_gmt":"2021-12-03T00:39:24","guid":{"rendered":"https:\/\/dlv.com.au\/?p=460"},"modified":"2022-01-14T07:42:18","modified_gmt":"2022-01-13T21:42:18","slug":"fhbs-enterting-market","status":"publish","type":"post","link":"https:\/\/dlv.com.au\/fhbs-enterting-market\/","title":{"rendered":"FHBs entering market with 5% deposit"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"460\" class=\"elementor elementor-460\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2d9ccb5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2d9ccb5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f0ee22\" data-id=\"3f0ee22\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0a78698 elementor-widget elementor-widget-heading\" data-id=\"0a78698\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 25-04-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Options for First Home Buyers to purchase with a 5% deposit<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6e789975 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6e789975\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-581d7be9\" data-id=\"581d7be9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7f7244f9 elementor-widget elementor-widget-text-editor\" data-id=\"7f7244f9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 25-04-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Three-in-five prospective first home buyers intend to buy soon with a smaller deposit, rather than wait until they have saved 20%. So how do they plan on doing so?<\/p><p>It usually takes between seven to 14 years for first home buyers to save a 20% first home deposit, according to a new report by <span style=\"text-decoration: underline;\"><span style=\"color: #27aae1; text-decoration: underline;\"><a style=\"color: #27aae1; text-decoration: underline;\" href=\"https:\/\/www.genworth.com.au\/media\/2030\/201909-genworth-fhb-whitepaper-v60.pdf\" target=\"_blank\" rel=\"noopener\">Genworth<\/a> <\/span><\/span>on recent and prospective first home buyers (FHBs).<\/p><p>With that in mind, it\u2019s no wonder that 59% of prospective FHBs are eagerly exploring their options to buy now in the current market, rather than risk waiting until house prices rise.<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-style: var( --e-global-typography-text-font-style ); font-weight: var( --e-global-typography-text-font-weight ); text-transform: var( --e-global-typography-text-text-transform ); background-color: var( --e-global-color-25ee4d8 );\">So what options are available for prospective FHBs with a deposit of less than 20%?<\/span><\/p><h6><strong>Option 1: First Home Loan Deposit Scheme<\/strong><\/h6><p>The first option is the Federal Government\u2019s \u2018First Home Loan Deposit Scheme\u2019, which three in four prospective FHBs intend to apply for.<\/p><p>Under the scheme, some FHBs will be able to borrow up to 95% of the value of their property without forking out for Lenders Mortgage Insurance (LMI).<\/p><p>But with the scheme limited to just 10,000 FHB loans each year, and the number of Australians who bought their first home in 2018 totalling 110,000, it\u2019s important to have a Plan B up your sleeve.<\/p><h6><strong>Option 2: Paying Lenders Mortgage Insurance<\/strong><\/h6><p>In recent times, one-in-three FHBs have opted to bite the bullet and fork out for LMI in order to secure a home loan with less than a 20% deposit.<\/p><p>LMI usually costs between $3,000 and $13,000, depending on the size of the home loan and how much of your deposit you\u2019ve saved.<\/p><p>It\u2019s an insurance policy you\u2019re generally required to take out if you have a deposit of less than 20% (it reimburses a lender if you fail to make repayments and your home is repossessed and sold for less than its outstanding mortgage debt).<\/p><h6><strong>Option 3: Bank of Mum and Dad<\/strong><\/h6><p>The third option, which is being considered by one-in-four prospective FHBs, is to ask the \u2018Bank of Mum and Dad\u2019 for assistance.<\/p><p>Of recent FHBs that pursued this strategy, 28% had their family gift them some money, 21% had their family lend them some money, and 16% had their family act as guarantor.<\/p><h6><strong>Option 4: Off-the-plan<\/strong><\/h6><p>The fourth option, which is not covered in the Genworth report, is to buy off-the-plan, which often requires a deposit of 10% to be paid to the developer to secure the property.<\/p><p>This means you\u2019ll have more time to save for the remaining 10% before settlement while the property is being built.<\/p><p>That said, buying off the plan isn\u2019t without its risks, so be sure to do your research on every facet of the development that happens to catch your eye (the internet is littered with stories of off-the-plan purchases that have gone awry).<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Options for First Home Buyers to purchase with a 5% deposit Three-in-five prospective first home buyers intend to buy soon with a smaller deposit, rather than wait until they have saved 20%. So how do they plan on doing so? It usually takes between seven to 14 years for first home buyers to save a [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":461,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"order-bump-settings":[],"_wpfnl_thankyou_order_overview":"on","_wpfnl_thankyou_order_details":"on","_wpfnl_thankyou_billing_details":"on","_wpfnl_thankyou_shipping_details":"on","footnotes":""},"categories":[16],"tags":[14],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FHBs entering market with 5% deposit &#8211; DLV Finance<\/title>\n<meta name=\"description\" content=\"59% of prospective FHBs are eagerly exploring their options to buy now, rather than risk waiting until house prices rise.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dlv.com.au\/fhbs-enterting-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Three-in-five prospective first home buyers intend to buy with a smaller deposit\" \/>\n<meta property=\"og:description\" content=\"It usually takes between 7 to 14 years for first home buyers to save a 20% first home deposit, according to a new report by Genworth.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dlv.com.au\/fhbs-enterting-market\/\" \/>\n<meta property=\"og:site_name\" content=\"DLV Finance\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DLVFinance\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-03T00:39:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-13T21:42:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dlv.com.au\/wp-content\/uploads\/AdobeStock_254361422.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"dlvadmin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"dlvadmin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/dlv.com.au\/fhbs-enterting-market\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/dlv.com.au\/fhbs-enterting-market\/\"},\"author\":{\"name\":\"dlvadmin\",\"@id\":\"https:\/\/dlv.com.au\/#\/schema\/person\/72d6f17702464db5cff57b13d051263f\"},\"headline\":\"FHBs entering market with 5% deposit\",\"datePublished\":\"2021-12-03T00:39:24+00:00\",\"dateModified\":\"2022-01-13T21:42:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/dlv.com.au\/fhbs-enterting-market\/\"},\"wordCount\":461,\"publisher\":{\"@id\":\"https:\/\/dlv.com.au\/#organization\"},\"image\":{\"@id\":\"https:\/\/dlv.com.au\/fhbs-enterting-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/dlv.com.au\/wp-content\/uploads\/AdobeStock_254361422.jpeg\",\"keywords\":[\"blog\"],\"articleSection\":[\"Property Finance\"],\"inLanguage\":\"en-AU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/dlv.com.au\/fhbs-enterting-market\/\",\"url\":\"https:\/\/dlv.com.au\/fhbs-enterting-market\/\",\"name\":\"FHBs entering market with 5% deposit &#8211; 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