Keep on squirreling that money away and your new home will be closer than you realise.
Your savings history is important because it proves to a lender (or bank) that you will be able to repay your home loan.
Lenders have different rules regarding deposit requirements. A minimum of at least 1% to 5% is usually required in order to obtain a home loan, however deposit amounts can vary between lenders.
With the current changes to the First Home Owners Grant, you may only require as little as $3500 in savings
The First Home Owners Grant makes up the rest of the deposit.
That means if you are looking at a House land package for $350,000 you may only need to save $3,500 over a 3 month period.
But wait there's more.....Keystart don't require you to pay LMI, which could save you over $14,000.
$50 per week through construction
And wait, there is still more - During construction it can be difficult paying your rent plus budgeting for your progress payments through construction.
To help you with this, Keystart will allow you to pay $50 Per week through construction.
FIRST HOME BUYER STAMP DUTY
There have been no changes to the exemptions for First homebuyers who purchase vacant land to build their home.
CLICK HERE TO SEE IF YOU QUALIFY
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