Most lenders will require a minimum five per cent deposit towards the property purchase before they will even consider giving you a home loan.
How this deposit has been raised or saved is of much interest to the lenders and will sometimes determine your eligibility to obtain a home loan with them.
To avoid unnecessary complications for when you are ready to get a home loan, I highly recommend you speak with a broker like myself so that we can provide you with advice and options to how to get to the ideal financial position for a loan application.
It is all about doing your homework and planning before making one of the biggest decision of your life to buy a property.
If you don’t have the deposit required, you may be able to make use of family equity through such means as a guarantor loan or other options. My job as a home finance broker is to help you explore the options that is available to you.