What if I am close but do not quite have enough deposit?

Short answer: Family help, cheaper area, First Home Loan (5%), wait and save, or ask bank for exception.

What this actually means in plain English

You have options. Ask family for a gift or loan. Look for a cheaper area or smaller house. Use the First Home Loan to get in with 5%. Wait and save more. Or look for bank exceptions if you have strong income and low debt. Do not give up if you are close.

Key Facts

Family gift or loan can bridge the gap
First Home Loan requires only 5%
Cheaper suburbs or smaller homes reduce deposit needed
Strong income may qualify for bank exceptions
Waiting 6-12 months and saving more is often worth it

Example

Target Deposit: $30,000

Saved: $25,000

Gap: $5,000

Option1: Family gift of $5,000

Option2: First Home Loan at 5% ($25,000 is enough)

Option3: Wait 3 months, save $1,700/month

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