A $100,000 down payment is enough to buy a house in the Australian suburbs

Despite Australia’s boom property market, you can still purchase a home in Australia with a 20% down payment of less than $100,000 in any territory or state.

Australian mortgage broker Aussie has revealed there are 3960 suburbs where buyers could buy a free-standing home and avoid the need of lenders mortgage insurance.

These suburbs were sorted by popularity by state or territory. Box Hill is NSW and Heidelberg West Victoria. Carina in Queensland is also included.

A full breakdown of the suburbs – and the deposits required on average to buy – can be seen below.

Many first-time buyers say saving the deposit is the hardest part of purchasing a house. This is often more difficult than servicing the mortgage.

Brad Cramb is the CEO of Aussie Distribution. He stated that first-time home buyers have options if they don’t make the required 20% deposit. This will allow them to avoid lenders and get mortgage insurance.

To buy a house, you don’t need to deposit 20%. You can get a guarantor, or government support like First Home Loan Deposit Scheme and Lenders Mortgage Insurance. These options could be part your home loan option.

“According to our Aussie data, close to one in five borrowers have secured a home loan with LMI in the past 12 months, helping them get their foot on the property ladder sooner.

LMI discounts are offered by some banks and lenders. Some professions can be exempted from LMI. To find out if this option is available, it’s worth speaking to a mortgage broker.

Aussie’s website now provides a complete breakdown and information, including information about the suburbs that might be available. Suburb Spotter Map.

Mr Lamb said many buyers were willing to “suburb compromise” – that is move slightly outside their intended location – in order to get their foot 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,” Mr Cramb added.

“Pre-approval is also very important. This allows you make an offer confidently if the property becomes available.

For a house in the most sought-after suburbs, you will need a $100,000 deposit.

• New South Wales: Box Hill (10 per cent: $61,150), and Wyee (20 per cent: $83,000)
• Victoria: Heidelberg West(10%: $75,000) Dallas (20 per cent: $100,000)
• Queensland: Carina(10%: $75,050) Acacia Ridge (20 per cent: $90,500)
• South Australia Adelaide(10% = $70,525) Ascot Park (20 per cent: $96,200)
• Scarborough in Western Australia(10%: $78,200) Nollamara (20 per cent: $79,000)
• Tasmania: Kingston(10%: $63,050) Glenorchy (20 per cent: $96,000)
• Northern Territory Ludmilla(10%): $56,200 Bakewell (20 per cent: $93,200)
• Australian Capital Territory Phillip (10 per cent: $56,650)

This website provides general information. It is not intended as a source for financial advice. The information has not been evaluated in relation to your personal financial goals, financial position, or needs. Before you act, make sure to evaluate the suitability and relevance of any information on this website in relation to your financial situation, objectives, needs, and goals.