Saving for a home loan? Here’s where to buy with a smaller deposit

houses with smaller deposits aerial view

In the last two years, the Australian property market has defied expectations. The market’s value recently broke the $9.1 trillion mark in September with the prospect of continual growth into 2022

For many first time homebuyers this might not be the best news since many can’t afford to enter the market, even with home loan interest rates at their all time low. However, not everything is gloom and doom if you are looking to get your foot in the door. Using the new Aussie Suburb Spotter Map, which is powered by Corelogic Property Price data, mortgage broker Aussie found more than 3,000 suburbs across Australia where it’s possible to buy a house with a deposit of $100,000 or less.

“With rising property prices and recent changes to lending criteria from APRA creating some concerns around housing affordability, we wanted to show homebuyers that there are still opportunities to get into the property market if you expand your suburb search,” says Aussie’s chief executive officer of distribution, Brad Cramb.

Another factor to keep in mind when expanding your search is knowing your loan to value ratio (LVR) capabilities. Be aware that when you pay a deposit less than 20% you could be required to pay lenders mortgage insurance (LMI)—adding a couple more thousand to the total amount. Finding property in a capital city with a 20% deposit of $100,000 or less could be extremely difficult, but it might be possible to find one with a 10% deposit. 

So which suburbs came out on top? Let’s have a look at the different states and territories in more detail.

Buying a house in New South Wales

NSW suburbs with low deposits

If you’re looking for a home in Sydney, the Greater Western Sydney area is a good place to move your search. The region has several suburbs where you can buy a house with a deposit of $100,00 or less with just a 10% deposit. Some examples are:

SuburbMedian Sales Price10% deposit
Box Hill$611,500$61,500
Seven Hills$862,000$86,200

If city life isn’t for you, Aussie says regional suburbs like Wyee, Raymond Terrace, Oberon, Goulburn and West Bathurst are some of the top viewed areas with less than $100,000 deposit options.

Buying a house in Victoria

low deposit suburbs in victoria

Currently, the medium value of property in Victoria is cheaper than in NSW. A recent Corelogic report has found homes in Melbourne to have a median value of $788,000. According to Aussie, there are several suburbs in the Greater Melbourne area with prices well below the median, so it’s possible to put down a 10% deposit for your new home with less than $75,000.

SuburbMedian Sales Price10% deposit
Altona Meadows$692,000$69,200
Point Crook$700,000$70,000

Notable regional suburbs with 20% deposits under $100,000 include: Corio, Melton and Coolaroo.

Buying a house in Queensland

low house deposits in queensland

In sunny Queensland, you could have the opportunity to buy a home with a 10% deposit of $55,000 in Brisbane. All you have to do is venture out of the inner city and you could find affordable properties.

SuburbMedian Sales Price10% deposit
Alexandra Hills$550,000$55,000

If you are looking for suburbs in regional Queensland then Russell Island, Woodridge and Brendale are places where you can put a 20% deposit for less than $65,000.

Buying a house in South Australia

low deposit homes in south australia

In the past year, South Australia’s property market value has had steady growth and it‘s yet to slow down. According to Corelogic, Adelaide’s home values were up 2.5% (the highest since February 1993). In November alone there was a rise of about $13,500 on the median price and it now sits at $558,179. There are more opportunities here to buy houses with a $100,000 or less deposit.

SuburbMedian Sales Price10% deposit
Mitchell Park$510,000$51,000
Windsor Gardens$520,000$52,000
Mile End$680,500$68,050

In the regional area, some suburbs with less than $100,000 deposits are: Morphett Vale, Ascot Park, Happy Valley and Mount Barker.

Buying a house in Western Australia

low deposit homes in WA

Much like the other states mentioned above, finding a house near a capital city is possible if you know where to look. Despite some upmarket areas with high prices in Perth, WA is one of the more affordable states to live in the country. Perth’s housing value is at a median of $528,540 (as of November 30, 2021 via Corelogic).

SuburbMedian Sales Price10% deposit
Osborne Park$507,000$50,700
Hamilton Hill$515,000$51,500

If you are looking to escape the city life and want to find a home in regional WA, then Nollamara, Balga and Craigie are places where you can make a $100,000 or less deposit with an 80% LVR.

Buying a house in Tasmania

low deposit homes in TAS

In the past year Tasmania has seen enormous growth in property value and sales prices. In Hobart the median value of a home is at $676,595 which is still pretty affordable when compared to Sydney, Melbourne and Canberra.

SuburbMedian Sales Price10% deposit
Lenah Valley$726,500$72,650

If you are looking for suburbs where you can put a 20% deposit for less than $100,00, then you could consider Glenorchy, Rokeby and Risdon Vale.

Buying a house in the Northern Territory

low deposit homes in NT

If you don’t mind moving away from the major coastlines to find a property, maybe you could check NT out. In the latest house value report by Corelogic, Darwin’s monthly price growth actually went down. Currently, the median value of houses in Darwin is at $493,047, making it the most affordable capital city in all of Australia, as of November 30, 2021. (Though do keep in mind that Darwin, too, has some very expensive property).

SuburbMedian Sales Price10% deposit
Howard Springs$650,000$65,000
Stuart Park$725,000$72,500

If something regional is more your style then check out: Bakewell, Wagaman and Wulagi.

Buying a house in the ACT

low deposit suburbs in ACT

In Corelogic’s most recent housing value report, the median value of a home in Canberra was $882,519 making it the second most expensive capital city in Australia. However, if you’re thinking about buying property in ACT, then you’ll be pleasantly surprised by the wide selection of homes that have a 10% deposit of $100,000 or less.

SuburbMedian Sales Price10% deposit
Denman Prospect$537,500$53,750

Interested in finding the right home loan for you? Head on over to the Mozo home loans comparison table to compare a variety of offers. While the study cited above works with current median prices, it should be noted that many of these markets are highly competitive and that can see both average and median prices climb quickly. Always do your research first!

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