Before you apply for a home loan find out what will you need for a deposit, how much can you borrow and what help is available.
An ideal deposit is 20 percent of the total property value. For example, if you are looking at properties for around $500,000, you will be looking at a deposit of approximately $100,000.
Freaked out? Don’t be, if this doesn’t feel achievable, it doesn’t mean you are out of the game. Some lenders will loan you up 95 percent of the property value, there may just be some additional costs.
Other than your deposit there are some other short-term and long-term costs that should be factored into any budget for a new home. Find out what can be involved with insurance, taxes and government fees, inspection, legal fees, maintenance and more.
Before you start applying for home loans there are few things that you should look at to work out how much you need, what you can afford and how much you might be able to borrow.
If you’ve done the calculations and the dream of buying a home is feeling too out of reach, you can consider a few avenues like grants and guarantors to get a helping hand.