Welcome to the first instalment of our series on how to buy a property if you are a first-home buyer. As buying a house is one of the biggest purchases you will ever make in your life, we'll be talking about the monetary side this time.
You need to have saved up the most money for this before you buy a house. A deposit is how much you will pay out of your own pocket for your house so that you can secure finance.
The Australian Securities and Investments Commission recommends having a deposit of 20 per cent of the purchase price of your anticipated property, but the Queensland government says at least 5 per cent of the full price may be enough. Of course, it depends on your lender and their rules, as well as your own financial situation.
The higher your deposit, the more likely you'll get a loan approved.
Not only this, but it'll also reduce how much money you'll have to borrow, and so, reduce the amount of interest you'll have to pay too!
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