The deposit restrictions put in place by the Reserve Bank have been well publicised but have often lacked the detail of what options are there for potential buyers. As you will see below there are a number of options.

First of all, we want to dispel the myth that it is impossible to borrow money if you have less than 20% deposit, this simply is not the case. It is much more difficult as the banks are now limited to how much they can lend to people with lower deposits. They can lend about half as much to people in this position than they could before 1st October 2013.

The banks are now choosing the best presented applications from clients with a strong plan for saving and getting in to their first home. This is where we can help, by putting your best foot forward with a number of lenders and spending the time to make some structured financial goals with you so that you have the best chance of having your loan approved.

In addition to the regular bank policies there is the government backed, Welcome Home Loan. This requires borrowers to have at least 10% and be purchasing their first home. There are some other criteria but it is not too strenuous. There are a number of providers of this product and some specific rules to abide by so it is worth discussing how this option could work for you

Overall it is best to discuss your options if you've got less than 20% deposit that we can make a plan specific for you and seek out the best options to help you achieve your goal of home ownership.