Saving a deposit
The larger your deposit, the easier it will be to buy a home. You will not need to borrow as much.
Generally, you will need a minimum of 5 per cent of the purchase price of the property as a deposit and also be able to cover other out of pocket expenses such as:
- Legal expenses
- Lender’s fees
- Government charges and
- Inspection costs.
If a security guarantor is available you may not require the 5 per cent deposit, and indeed in some cases you will not be required to have the savings to cover the other out of pocket expenses involved in purchasing.