The amount of money you need as a deposit will vary depending on the price of the property you buy, how much you borrow against it, and what additional costs you need to pay. As a rule of thumb, it is a good idea to aim for a deposit of at least 10% of the property price you are planning to pay.
Please contact us if you would like to know more.
There are a number of costs that you may incur when buying a property. We have outlined some of these in detail for you.
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In simple terms, your borrowing capacity is based on your income minus your existing expenses. Whatever is left over must be enough to cover your new loan repayments (plus an extra buffer to allow for contingency).
It is very important to make the distinction between how much a lender is willing to lend you, and how much you think you can afford. Lenders can only guess at your living expenses, so their assessment of your situation is never going to be the same as yours. Please make sure that you are aware of what you are currently spending, and how much you think you can spare toward your loan repayments. We can help you with this.
We have created a calculator to help you work this out.
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This will depend on your unique individual circumstances, and it is very important to get your loan product right.
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A family guarantee is an option where parents may offer part of their house as extra security for your loan, meaning that you don’t need to provide as much deposit. This can be very helpful in situations where you have limited savings or where you would like to avoid paying Lender’s Mortgage Insurance fees. Please contact us if you would like to know more.
Please contact us if you would like to know more.
A lender classifies your savings as genuine if they have been saved up incrementally over a period of time. Many lenders now require you to prove that you have genuine savings when you are borrowing over 80% of the value of a property. This is important to them because genuine savings prove that you have the ability to put aside money on a regular basis.
Please contact us if you would like to know more.
When you apply for a loan, you will not only need to sign various application forms, but also provide copies of documents to verify your financial situation (e.g. drivers licence, payslips, savings statements). We will explain this to you as you progress, and complete any forms for you to make the process easier.
We have also created a list of the various documents you might be required to provide.
We can answer all of these questions and more in greater detail if you would like to
contact us.