Essential Factors In Preparing Your Deposit
Demonstrating to your lender that you have a good savings history is fundamental, and it should be considered at the beginning when deciding to purchase your first home. The requirements for a first
home loan in Brisbane have become more difficult due to the Royal Commission on Banking, which is why first-time home buyers need to plan for their loan at least 12 months in advance.
Brisbane Home Loans
Financial Specialists are happy to assist you in establishing a savings plan in preparation for a
first home loan in Brisbane at a later date.
The amount of deposit available for your First Home is really important when it comes to financing. Your savings will influence the type of loan you get.
Most lenders require a minimum of 5% deposit. They would like to see this in your bank account, and it should have been there for a period of at least three months.
Often, first-time home buyers will seek their parents' assistance in purchasing their first home. Their help can be in terms of assistance with the initial deposit. Alternatively, they can act as a Guarantor on the Loan. As a Guarantor, your parent's equity in their personal or investment property can act as security against your new home.