Home Loan Deposit Strategy
Searching for your dream home can be an exciting time, but there is much more to the process than choosing the perfect property.
Securing home loans and organising details is an important part of the procedure and should be approached in a responsible and level-headed manner.
A mortgage broker can help you to decide the best course of action when saving up for a home loan deposit.
The bigger the initial deposit, the less your loan amount will be - and if it is large enough, you may not even have to pay lenders mortgage insurance.
While much of your deposit must come from genuine savings, other options can help finance the payment.
Examples include first homeowners’ grants, state-based first home buyer incentives, monetary gifts, inheritances, tax refunds and sales of an asset such as shares.
It is also important to account for other fees including stamp duty, inspection charges and other various fees.
A mortgage broker can help to explain what you should expect in each stage of the purchasing process, giving you peace of mind as you get ready to sign on the dotted line.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.