Eligibility
- you must be an individual (not a company or trust)
- over 18 years old.
- you, or at least one person you’re buying with, must be an Australian citizen or permanent resident.
- you or your spouse must not have previously: owned or co-owned residential property in Australia.
Beside this, can I buy a house with $10000 deposit?
With a deposit of $10,000, most lenders would only approve you for a $100,000 home loan. You may be approved for a larger loan if you pay more lenders mortgage insurance. If this is the largest deposit you can afford, you may be able to apply for a low deposit/no deposit home loan.
Correspondingly, how much deposit do I need as a first time home buyer? You’ll need to save up to 5% or more of the purchase price as a deposit, and borrow the rest of the money (the mortgage) from a lender such as a bank or building society. The loan is ‘secured’ against the value of your home until it’s paid off.
Accordingly, what credit score do you need for a first-time home owners loan?
FICO® Scores☉ of at least 640 or so are typically all that are needed to qualify for first-time homebuyer assistance. FICO® Scores range from 300 to 850. But chances are you may need higher credit scores of around 680 or so to qualify for a conventional mortgage.