12 Sep 2023

For many first home buyers, the time it takes to save for a deposit is the biggest barrier – but it needn’t be


With the rising cost of living having a direct affect on so many aspects of our lives, it’s no surprise that housing affordability is as its worst level in decades. Which is why so many new home buyers are looking at the best value options on the market – and that’s where Oaklands Green scores highly.

But there is still that hurdle every buyer faces, no matter the location, and that’s finding the initial deposit.

In times gone by, it would often be parents that helped their children get their feet on the property ladder. But this is becoming less and less of an option due to a whole range of changing demographic dynamics. Today, most new home buyers need to fend for themselves and find their own deposit.


So how much are we talking about?


Until recently, the rule of thumb for a deposit was 20%. This was seen as an amount that relieved a bit of pressure on the home loan provider, and meant the buyer wasn’t over committed to making loan repayments on the full cost of the home. Of course, a larger deposit means lower monthly repayments and the chance to pay off the loan sooner, and live mortgage free (wouldn’t we all just love that!).

However, this 20% figure has been relaxed somewhat, and some lenders will accept 15% or even a 10% deposit. But it may mean you will pay a slightly higher interest rate and will almost certainly mean you will have to take out Lender’s Mortgage Insurance, which will add to the cost of your loan.


Help is at hand


Both the Federal and State Governments are aware of the housing issue, and are continually finding ways to help make the process easier for those seeking to buy their first home.

One of the best places to look for assistance is HomeStart. This is a not-for-profit state-run agency that provides a range of home loans at highly competitive interest rates to suit a variety of buyers’ circumstances – especially around their ability to find the initial deposit.

HomeStart also offers a Shared Equity package, where you share the profits and any potential losses of buying your home with the government – they are effectively your partner in buying your home.


So where to from here?


At Oaklands Green, we are all about getting you into a home that you own – first and foremost. And thanks to our Sales Agents’ experience in dealing with the various Government assistance schemes, our knowledge is second-to-none.

So, if you have any questions at all about buying at Oaklands Green, our Project Team Leader, Richard Joy, is always on hand to help.

If you’d like to organise a catch-up with Richard, just give him a call on 0439 504 440, or email



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