Lets Talk House Deposits

Let's talk DEPOSITS. I take a different approach compared to some. I firmly believe that saving money and setting funds aside for your home is an AWESOME way to build the discipline you need to manage a home loan and the costs involved in home ownership.

It's one of the reasons I love learning about all the government schemes available. They're not simple "hacks" to get a deposit from nothing, but they're amazing amplifiers and rewards for your GOOD money habits.

So, how much deposit is enough? Well, when I bought my first home, our goal was to save 10% of the purchase price plus costs. However, the amount varies for everyone, and having a conversation with your broker can help determine the exact amount you should save. There are some schemes that allow you to purchase with as little as 5% deposit plus costs. Additionally, there are alternate ways to pay Lenders Mortgage Insurance (LMI), and some well-known banks offer loans up to 95% of the property value plus LMI. However, most banks will require an 8% deposit plus all the associated costs.

Remember, building a deposit is not only about meeting the lender's requirements but also about ensuring you feel financially secure and confident in managing your home loan. Let's work together to find the best deposit strategy for you!