Can I buy a Perth house with 2% deposit (no LMI) as a first home buyer?

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PalladinkKraft

New Member
Fellas... is it possible to buy an established house in Perth as a first home buyer with a 2% deposit—no LMI—without using key start?
Have 35k for a deposit... which doesn’t cover other fees like stamp duty—so I’m now leaning towards a 2% deposit instead of 5%.
(I’m 21 earning 130k a year, no debt or loans—minimal monthly expenditures as I’m FIFO).
 
Always an option.
Someone will lend you money.
The real question is…
Is it the right kind?
The kind that doesn't break you.
 
You know, first home buyer grants are a big help. They do get rid of stamp duty. Think about it that $35,000 could cover your 5% deposit for a $700,000 home. Or if you look a little further out, you might find a nice place between $300,000 and $500,000.
 
Oh, and don't forget, some state governments will actually waive stamp duty for first home buyers too, so it's totally worth checking out what your own state is offering!
 
A larger deposit typically leads to better outcomes and reduced risk, which often means lower interest rates. What do you think is the ideal deposit size to aim for?
 
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