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Ready to buy your first home? Here’s how much deposit you need

Oktay Sengoz

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05/06/2024

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1 min read

Buying your first home can feel like a daunting task, especially with rising house prices and increased competition. But fear not, there are plenty of incentives available to help first-time buyers make their dream a reality. Let’s break down the numbers to give you a clearer picture of what you need.

The numbers game: How much do you need?

We've put together a handy table that outlines the proposed purchase price and potential loan options. You might be surprised to find that your mortgage repayments could be similar to what you're already paying in rent.

Purchase Price
Deposit
Repayments / Week
$500,000
$25,000
$663
$600,000
$30,000
$796
$700,000
$35,000
$928
$800,000
$40,000
$1,061
$900,000
$45,000
$1,194

Getting Started

Check your deposit

If you have a deposit saved up, great! If not, multiply the purchase price by 5% to figure out how much you'll need.

Explore government grants

There are various government grants available for First Home Buyers. Make sure to see if you qualify.

Know your comfort zone

Determine how much you're comfortable spending on mortgage repayments.

If you're feeling overwhelmed, don't worry. We're here to help! Book a chat with us, and we can walk you through the process and create a personalised plan to make your dream of homeownership a reality. Keep in mind that eligibility for government grants and loan approval from the bank are personal matters. We can assist you further once we've conducted a pre-assessment of your financial situation.

Ready to take the plunge? Let's get started on your journey to homeownership!

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