Deposits

Placing a deposit on a property; what you need to know … – Placing a deposit – How much will I need? – Deposit Bonds Placing a Deposit Placing a Deposit on a property these days is getting harder and harder as property prices keep rising and saving for a deposit is taking longer. About a decade ago, Australia’s property […]

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Is a family guarantee right for you?

Entering the property market is no easy feat for a first homebuyer, but even parents who aren’t prepared to hand over cash for a deposit may help by being a guarantor on a loan. Before taking the plunge however, it’s crucial to be aware of the implications involved. Here are three questions to ask yourself to see if a family […]

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What costs are involved in buying a home?

Things can add up quickly so it’s helpful to have a clear understanding of the total costs involved in buying a home. The key things to budget for are: Pre-purchase inspections A pre-purchase pest and building inspection will show up any building defects, illegal work or pest issues that could be costly to fix further down the track. If you’re […]

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A guarantor could help you get your home sooner

Saving a deposit can be difficult … especially if you’re renting and prices are going up faster than you can save. But there is a solution that could get you over the line sooner – having a ‘guarantor’. A guarantor is someone – usually a parent or a family member – who offers their own home as extra security for […]

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Will I qualify for a First Home Owners Grant (FHOG)?

First home buyers may be entitled to a range of government grants and concessions that vary according to which state or territory you are buying your home in. The First Home Owner Grant (FHOG) is the main source of financial support for first home buyers. It’s a one-off, tax-free payment to people buying their first home in Australia however state […]

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How much deposit do I need?

The amount of your deposit is very important for several reasons: 100% loans typically no longer exist Generally it’s no longer possible to get a loan for the whole of a property’s purchase price. Most lenders will want you to put down at least 5% of the purchase price of the property. The rest – generally up to 95% – […]

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What counts as genuine savings in a loan application?

If you apply for a home loan, particularly if the loan is for more than 80 per cent of a property’s value, you’ll more than likely have to prove to lenders that you have a satisfactory amount of savings. This is to demonstrate your ability to funnel a portion of your income into repayments. Although it can differ, in most […]

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Can I still get a loan without genuine savings?

For those who don’t have any genuine savings but still want to obtain finance, there are options These include: Guarantor loans – Having a guarantor on your loan may mean that no deposit is required, with the equity or asset the guarantor stakes standing in for a deposit. Other significant assets such as shares, managed funds and/or equity in residential […]

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