They used to, we had a 100% home loan through ING and used the home owners grant to cover legal costs. It worked out well for us because it is cheaper than renting and we have our own place. We got a 3 bedroom 2 loungeroom brick house for $170,000. Plan is once I get an uber job we will flood as much as my wage as we can into the loan to pay it out as quick as we can. Till then we are just paying the minimum repayments while I work PT and study at uni.
I think the Government stopped them though, you should talk to Mortgage Choice. We went through them they did all the running around for us we just had to sign the piles of paper they put under our noses lol. They can tell you what loans are available, how much it will cost, your repayments etc etc and can give you advice on how much you need to save etc. Or you can talk to the bank you have your loan through and see what they say.
My SIl bought a house in 07 with a 100% loan. I personally don't like them. I think if you can save as much of a deposit as you can and even if you go with the 100% loan you will at least have some money to put down straight away kwim
Also, in SA I don't think there's no stamp duty to pay on a first home, atleast that was the case a few years ago and stamp duty can be quite expensive too. Good luck!
Snacks...it would be lovely if we could do a family equity thing...but due to family issues we've well and truely overused the mum & dad banks I think.
We'll think about it some more. We still have 9 months left on our lease so have plenty of time.
There are also ways of being able to utilize you superannuation as a home deposit. Or at least there were a few years back. It's very bad practice, although I wouldn't put it as much worse than a 100% loan. Personally, I wouldn't do either, but I can appreciate why some people would...
You guys are young, so you should have heaps of time to work on building up super if this way works for you.
Lucy in the sky with diamonds.
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