- Your parents could give you deposit money as a gift or you could inherit the money.
- You could sell an asset, such as shares, to fund your deposit.
- You could use equity in another property you own.
- A first home owners grant can count as part of a deposit.
The genuine savings rule is the tricky issue with the options above (and the fact that not everyone can take advantage of gifts or assets). But if money from a gift, sale or inheritance has been sitting in your account for three to six months most lenders will accept it as genuine savings regardless.
Get a low deposit mortgage
Lastly, you can save a 5% deposit the old-fashioned way and look for a low deposit home loan. There are many mortgages out there which you can get with a 5% or 10% deposit.
How do you spot a low deposit home loan? Look at the maximum insured loan to value ratio (LVR), which should be 90–95%. A 90% LVR means a 10% deposit.