Buying your first home can be both exciting and scary, but knowing what to expect, doing your research and being prepared can take a lot of the stress out of the situation.
Saving for the deposit the first thing any budding home owner or investment property purchaser needs to think about is their deposit on a property. Generally, the aim is have at least 20% of the purchase price saved up, but a lot of first home buyers obtain their first home with a lower deposit and the aid of Lender’s Mortgage Insurance. This is a good way to still get a loan if you haven’t quite saved up the 20%.
The bigger the deposit, the less money you’ll have to borrow – so it’s a good idea to put a savings plan in place to get you to your goal. Regular contributions to savings are helpful when you’re going for a loan; it shows the lender that you’re responsible and capable of making steady payments.
To make sure you are on track with your savings or ensure you have the latest information regarding the first home owners grant and stamp duty contact your local YBR expert.