Thinking about your finances when buying

Saving a bank deposit and taking out a home loan (mortgage) are the first steps towards purchasing a home for most of us.

Summary of important things to know
  • A home loan is likely to be the biggest financial commitment you will ever make. It’s important to investigate and understand your loan options before you take out a home loan.

  • Most lenders ask first home buyers for a 20% bank deposit before they will lend the money to pay for a property.

  • You may be eligible for government help if you’re buying your first home. It’s important to look at options early in your home buying process because the application processes take time.

  • There are other options to think about if you have help from family or friends.

  • There are additional costs to budget for when buying a home.

IMAGE: Finance

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