First Home Buyer Deposits - Channel Direct Home Loans

First Home Buyer Deposits

The need for larger deposits to purchase your first home or investment property has seen banks deposit accounts increase in recent years

This has been brought about by the increasing housing prices and the tighter lending policies.

First Home buyers now have no option but to save a greater deposit, you now require a minimum of 5% deposit plus stamp duty and costs; this represents at least having  10% savings of the purchase price available.

First home buyers need to start and establish a regular savings pattern with a goal in mind.

Determine the deposit required and when you would like to have that then start a savings plan.

To determine how much and how regularly you need to save go to a savings calculator and set your targets.

Look for a Bank or Credit Union that can offer good deposit rates

First home buyer deposits

Saving for your First home buyer deposit