Low Deposit Loans

A real option to buy an existing or newly completed home in metropolitan South Australia with a smaller deposit

Are you eligible?

To be eligible for the Low Deposit Loan you will need to:
» Buy a home in South Australia for you to live in
» Be an Australian citizen or hold Permanent Residency or skilled migrant status in Australia
» Be over 18 years of age
» Have $3,000 of savings held for at least three months
» Have no paid or unpaid defaults, court judgements or history of bankruptcy.

Low deposit (from 3%)

Your deposit can start from as little as 3% of the purchase price to buy an established or newly completed home. Don’t forget you’ll also need funds to meet other costs like fees and charges.

Variable, fixed or split rate

You can choose a variable, fixed or split interest rate (part fixed, part variable). Fixed rates are available for terms of 1-3 years.

Options to borrow more

You can combine your Low Deposit Loan with a secondary loan to increase what you can borrow. With most secondary loans, there’s
no need to make any repayments until your primary loan has been fully paid.

Repayment Safeguard

The Repayment Safeguard works out your initial repayments based on your financial situation, not just interest rates. Usually, the only change will be an adjustment for inflation once every 12 months. So if interest rates go down, you’ll pay your loan off faster. If they go up, it’ll take longer.

Voluntary repayments

To help you pay off your loan sooner, you can make fee free voluntary loan repayments (unlimited for variable rates and up to $10,000 extra per year for fixed rates). If you have a secondary loan, voluntary repayments will go to that first. If you are ahead on your loan, you can access those extra funds through our redraw facility. Redraw is not available on fixed rate loans, or the fixed portion of a split loan.

Please give me a call if you have any questions or are interested in finding out more!