On this page: Deposit Kickstart : Low Deposit
We want to help you into your first home, and even if you don't have a deposit - we can help! Here are some options you may be able to take advantage of.
Suncorp Deposit KickStart
- Use the equity in the home of a family member or friend toward the purchase of your new home.
- Borrow up to 110% of the confirmed value of the property to help cover other expenses (such as fees and duties, removalist costs etc).
- Save money as Lenders Mortgage Insurance is not required.
- Your guarantor can limit their commitment by nominating a specific amount they are prepared to guarantee, to a maximum of 30% of the value of your new home.
- Available only to owner-occupiers.
Here's an example:
The home being purchased is valued at $300,000.
With the Suncorp Deposit KickStart, you could borrow up to $330,000 (110% of $300,000).
Lenders Mortgage Insurance will not be required.
How it works:
- Two loans are set up.
- The first loan is secured by your new home, with the loan amount being 80%
of the confirmed value of the property.
- The second loan is secured by your new home as well as a guarantee (limited
to a specific amount) supported by a mortgage over the guarantor's property.
- You will be responsible for repayments for both loans.
Low Deposit Option with 3% Genuine Savings
- Borrow up to 97% of the confirmed value of the property
- You will need to demonstrate a savings record for the remaining 3% and pay
all fees and duties
- Lenders Mortgage Insurance will be required and may be included in loan
amount (conditions apply).
- Available to owner-occupiers and investors.
Here's an example:
The home being purchased is valued at $300,000.
You can borrow up to 97% of the value of the home.
Note: Your savings may not be sufficient to cover the full
cost of fees & duties. The First Home Buyers Grant and/or other funds may
be used to cover these costs.
Deposit Power Guarantee (2)
Convenient way to buy a home without the worries of arranging a cash deposit.
It's a guarantee to the vendor for part or all of your deposit (up to 10% of
the purchase price).
You then pay the full purchase price at settlement, including the amount of
the deposit.
A fee is payable based on the size of the guarantee you require.
Notes
- Exclusions and maximum loan amounts apply. Suncorp will lend you 100% of
the purchase price or valuation (whichever is the lower). You will need to
contribute all bank, legal and government fees and charges associated with
the purchase of the property.
- The Deposit Power Guarantee is provided by Vero Insurance Limited ABN 48
005 297 807. Neither Suncorp nor its subsidiaries guarantee the products provided
by Vero Insurance Limited. Suncorp will receive a commission for arranging
the Deposit Power Guarantee.
