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.

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