In this article:
He focuses on three main aspects: identifying the property you want, the amount you need for the deposit, and, thirdly, your income level.
Identifying the top three will be instrumental in saving up for the deposit, and it will also take away from the stress that comes with it. Homebuyers can get a loan with a deposit as low as 5%, but it largely depends on the property’s price and other factors, Mark mentions.
When saving for the deposit, Mark encourages home buyers to get creative and consider all avenues such as the bank of Mum and Dad and also strongly encourages them to talk to a broker as they will be able to assess one’s entire financial situation and help them with their property ownership journey.
He concludes by highlighting the importance of saving money and reducing costs every single week and where you can put your savings.
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Source: News.com.au, 17 November 2021