Voiced by AJ Duncanson, Mozo Information Solutions Director

So, you may be considering buying a house, but there is however a very important factor standing in the right path. Saving up for the deposit.

Gone would be the times of no deposit loans. Today, being a complete minimum you will require a deposit of 5% even though suggested amount is 20%.

Loan providers wish to note that you have got genuine cost savings you have actually accumulated with time. They must see which you have actually good savings habits that meet your ongoing repayments and in addition it provides the loan providers a buffer in the event property values fall as time goes by.

Now to demonstrate you exactly how much you might need certainly to save yourself for the fantasy house, let’s make use of the exemplory case of very first property owner James that is thinking about purchasing a house well well worth $600,000. Continue reading →