How Much Do I Need For A Deposit?

As a first home buyer, knowing how much you need for a deposit is an important box to tick on your way to buying your first home.

Unlike any other purchase you have made before, buying a property is a commitment which you are likely to have for years to come. For this reason, it is important that you get the right home loan option for you.

Generally if you are planning to live in the home you are buying, then you are likely to need a minimum of five per cent of the property’s purchase price, whereas if you are an investor you may be asked to provide between five and 10 per cent.

Before you go any further, getting some advice from a mortgage broker would be a strategic move. A broker can discuss the various home loans on the market and find a range of suitable options for you to consider based on your income and living expenses.

This is the first of many questions you are likely to have as you make the transition onto the property ladder and it is always good to have someone who is available to answer your questions as they arise.

A broker can make buying a home a more pleasurable experience and because they work in the market, they can keep you well informed about changes to a range of home loans.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.