How much deposit do I need?
Credit policy can change from time to time. Most lenders will now let you borrow between 90—95% of the value of the property. You need to demonstrate good savings patterns, have no late fees on your repayments or overdrawn fees on your transaction accounts.
Most lenders require a minimum of 5% of the purchase price as evidence of your ability to repay a mortgage. This can be made up of a combination of savings, rent paid and early payment of personal debts.
In some cases your deposit will need to be 20% depending on the type and location of your property.
We will also discuss and process any government grants or schemes for first home buyers and help to determine if you are eligible to receive the benefit.
You may need to allow for stamp duty. Stamp duty will vary depending on the state, purchase price and if you are eligible for any exemptions. Lifestyle Finance will give you an indication of how much stamp duty will apply to your purchase.
us to discuss your personal situation for a full assessment.