Print this Page
Home Loans
Low Deposit Home Loan
Here's Some Great News for Rents & Property Investors!
3% Deposit Home and Investment Loans
The Greater Building Society has taken another initiative that will make home ownership much easier for the many people who would not have previously been eligible for a loan.
Subject to some specific criteria, it may now be possible to contribute as little as 3% of the purchase price as a deposit on a Home or Investment loan.
This is particularly good news for prospective investment property purchasers, as they have previously been required to contribute a minimum 10% deposit when a single property is used to secure a loan.
The 3% deposit must be comprised of what we call "genuine savings".
It must be money you have saved yourself over a minimum 6 month period. It cannot be gifted and cannot be raised from the sale of an asset or borrowed.
No Genuine Savings Loans
In addition, the Greater Building Society has also introduced a loan product for home buyers who do not have a 3% deposit in genuine savings.
You may still be eligible for a home loan if you have funds from other sources.
These sources can include:
- The $7000 Government First Home Owner Grant
- Gifts
- Proceeds from the sale of assets
- Money that has been borrowed
Need Some Help in Qualifying?
Go to our First Home Buyers page and get some tips on how your home ownership goal can be achieved sooner.
Need Some More Reasons Why You Should Get a Greater Low Deposit Home Loan?
You get all the benefits that come with the Greater's Standard Variable Home Loan. Tell me more.
Want a Free Holiday with your Low Deposit Home Loan?
For every $300 you borrow you will earn one "Greater Getaways Triangle Reward Point". These can be redeemed for accommodation at a range of over 200 holiday destinations throughout Australia and overseas. Tell me more about the Greater Getaways promotion.
To make an application for a Low Deposit Home Loan call us on 131386.