Aussie has crunched the latest data from CoreLogic to identify the top suburbs in each state where buyers can purchase a property with a deposit of $100k or less.
Aussie’s Suburb Spotter Map revealed there are 3,960 suburbs across Australia where homebuyers can potentially purchase a house with a 10% or 20% deposit of less than $100,000.
Meanwhile, around 1,900 suburbs have median prices that would require less than $100,000 home loan deposit.
Here are the top house and unit markets in Australia where mortgage deposit could be under $100,000.
|
House |
Unit |
||
|
Suburb |
Deposit |
Suburb |
Deposit |
|
Heidelberg West (Victoria) |
75,000 (10%) |
Melbourne (Victoria) |
85,350 (20%) |
|
Box Hill (New south Wales) |
61,150 (10%) |
Hawthorn (Victoria) |
60,749 (10%) |
|
Footscray (New South Wales) |
94,075 (10%) |
Lakemba (New South Wales) |
76,500 (20%) |
Below are the most viewed suburbs with required deposit of less than $100,000:
|
State/Territory |
Suburbs |
|
|
10% Deposit ($) |
20% Deposit ($) |
|
|
NSW |
Box Hill (61,150) |
Wyee (83,000) |
|
Vic |
Heidelberg West (75,000) |
Dallas (100,000) |
|
Qld |
Carina (75,050) |
Acacia Ridge (90,500) |
|
SA |
Adelaide (70,050) |
Ascot Park (96,200) |
|
WA |
Scarborough (78,200) |
Nollomara (79,000) |
|
Tas |
Kingston (63,050) |
Glenorchy (96,000) |
|
NT |
Ludmilla (56,200) |
Bakewell (93,200) |
|
ACT |
Phillip (56,650) |
n/a |
Aussie CEO of distribution Brad Cramb said the Suburb Spotter Map shows that despite the increasing trend in dwelling prices across the country, there are still opportunities for many homebuyers to break into the market without breaking their pockets saving for a deposit.
“You don’t always need to have a 20% deposit to buy a home,” Mr Cramb said.
Mr Cramb said homebuyers, particularly first homebuyers, can consider 5% or 10% home loan options where they can have a guarantor, access government support schemes such as the First Home Loan Deposit Scheme, or pay Lenders’ Mortgage Insurance (LMI).
Figures from Aussie show that around one in five borrowers have secured a home loan with LMI over the past year.
“Some banks and lenders even offer LMI discounts or special offers, and for some professions they can also waive LMI, so it’s worth speaking to a mortgage broker to see if this could be an option for you,” Mr Cramb said.
It is crucial, Mr Cramb believes, for homebuyers to ensure they have a pre-approval with their chosen lender, which would give them confidence to make an offer once a property comes up on the market.
“In a competitive market it’s important to do your homework, including considering where you might be willing to make compromises, researching suburbs where you could afford to buy a home in, and organising pre-approval,” he said.
“If you are not sure about the pre-approval process or don’t have time, that’s where a broker can help.”
—
Photo by Micheile on Unsplash.
Collections: Mortgage News
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