How much do I need for a deposit for a first home?

When you are considering purchasing your first home there are a lot of questions to be answered. One of the primary queries is how much do I need for a deposit?

Initially, some prospective home buyers may see accumulating the funds for a home deposit as a big hurdle but doing some research can make the process easier.

A key consideration is that each lender may require a varying amount for a house deposit and with this in mind you may want to ask a mortgage broker for some advice.

As a home occupier buyer, most lenders require a minimum of five per cent in a house deposit when you get a mortgage.

It is worth knowing that the minimum deposit requirements for various lenders do differ and a broker can help you navigate your way through the numerous home loans available.

Discussing your options with a broker can help to make getting a mortgage simpler and in some cases quicker because it can reduce the amount of time you spend searching for information.

With their wealth of knowledge, a broker will be able to pinpoint the home loans on the market which may suit your circumstances best.

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