With the first home buyers grant, how much would I need to have saved?
Secondly, how difficult is it finding a private lender?

Thanks so much for any advice.

Hi Laura,
You must have saved at least 5% of the purchase price in order to apply for a home loan. You could then potentially borrow 95% and add on the lenders mortgage insurance charges to the loan. With the grant being $20,000 if you build a new property.
This is a fairly high risk option though as you would not have any equity in the property and would get nothing back if you had to sell.
Private lenders generally ask for 12-15% interest and will only deal with commercial lending so I’m not sure that you would be able to find one.
I would be happy to answer any other questions you may have.
Thanks and regards
Scott