How much money do I need to buy a house?
We regularly get asked “how much money do I need to buy a house?”
For first home buyers this is usually the scariest question as they’re worried the answer is going to be SOOO astronomical that it will eliminate all hope of them owning a home… however, we love it when people ask that question because we have the answers people love to hear.
The media hypes up a message of unaffordability that scares most people into thinking it’s nearly impossible to own their own home, but the reality is often quite different. In WA we are privileged to have access to Keystart Finance which is a WA Government initiative to help first home buyers enter the market.
The BIG point of difference that Keystart uses to differentiate themselves in the home loan market is their deposit requirements. Whilst most lenders need at least a 5% deposit, but often 10% and more, Keystart only require you to have a 2% Deposit, yes that’s right, 2%. Now, it actually gets even better than that…. Not only do Keystart require a minimum 2% deposit, they also only require 1% genuine savings. This means that as a first home buyer, if you were to purchase a House & Land package and have access to the $10,000 First Home Owners Grant, you would only need 1% of the purchase price in savings. *
Our best advice is this: talk to a professional about your desire to purchase or build a home. Do this now, before you start shopping for a house, or a new car/holiday/etc. Every month we are helping clients purchase their first home through Keystart who often had no idea that they could actually get their own home when they first sat down to discuss their dream with us.
This is a new year, why not experience a new you!? Believe in the “impossible” and talk to us today if one of your New Years resolutions is to own a home.
*Disclaimer: Credit criteria applies to be eligible to apply for Keystart Finance. This blog post is for general information only and does not imply an approval of any sorts should you have a 1 or 2% deposit saved. Finance services are offered by Focused on Finance, Corporate Credit Representative 482673 of Southern Cross Broker Network Australian Credit Licence No 384993
