Trying to break into the property market but don’t have a clue about how much you need to get started? This is a hard area to navigate because it depends when you are planning on getting into the market and what property takes your fancy. Also consider whether you will have mortgage insurance or not. If you are opting out of insurance you’ll need to have a bigger deposit.
The standard advice for 2017 is that you need 5% of your purchase price as a minimum but 20% is ideal.
Here is an example of how much money you will need to come up with to get your foot in the door:
Note: If you have less than 20% you will likely need mortgage insurance which allows you to borrow more than 80% of the price of your house and land. The more you save the less you pay in things like interest and insurance so get to it!
Here are some little saving tips to get you on your way.
In conjunction with our Finance Partner, The Loan Company, Impressions the Home Builder can guide you through the finance processes. Contact us today to find out more.
On the last weekend of February, some of our staff members represented Impressions the Home Builder at the Master Builders WA Housing Excellence Awards 2017.
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Level 8, 8 Bennett Street, East Perth WA 6004
(08) 6461 5297