September 23, 2014
How much deposit do I need to purchase my first home?
The home loan market today is a lot more conservative than what it was just a few years ago.
Unless you’re using a guarantor, most lenders will require you to have a minimum of 5% of the purchase price as your contribution up front. The 5% is to be part of genuine savings pattern held in your account for a minimum time frame of 3 months.
There are some lenders who have various options and or variations to their genuine savings policy, for example: if you’re currently renting, some lenders will allow your rental payments to form part of your genuine savings.
Apart from your 5% genuine savings, there are other fees and charges that will be associated with your purchase, which you will need to consider. These may include, Stamp duty, Government registration costs, your legal fees and as well as lender fees and charges.
For further information, you can contact Dora and her team on:
M: 0413 636 645 Ph: 03 9360 5968