Are you ready to buy your first home?
My article for the Western Weekender
Getting a deposit together & buying your first home.
Gone are the days when we didn’t need any deposit at all to buy our first home, and with rents rising it’s a tough game to get this together. On top of the deposit you also need to allow for stamp duty and legal fees, together they come to nearly 10% of the property value as a minimum.
What are some of the other options we might not have considered?
Genuine savings are best
Ideally all lenders are looking at a regular savings history - this shows both your ability to meet a commitment and a good attitude towards money. A savings history needs to be demonstrated over at least a 3 month period. Aim for a minimum of 5% of the purchase price as genuine savings, if you can come up with the other costs by other means.