Deposits on property

[apart8]

Hi all,

 

Can anyone help please.

 

What sort of deposit would we need to put down on an aussie property? Do you need to be employed for a certain amount of time before you can get a mortgage? How do they work out what amount you can go for etc?

 

Just some of the many financial questions we are unsure of....Thank you

 

Regards Allison and Alex Part

[Guest Helchops]

Westpac have some Financial Calculators online which demonstrate a minimum 5% deposit, but you'll need to pay some hefty insurance fees upon exchange when you sell I believe.

 

The Borrowing Power Calculator is here

 

The Minimum Cash Deposit Calculator his here

[Kingpin]

Hi all,

 

Can anyone help please.

 

What sort of deposit would we need to put down on an aussie property? Do you need to be employed for a certain amount of time before you can get a mortgage? How do they work out what amount you can go for etc?

 

Just some of the many financial questions we are unsure of....Thank you

 

Regards Allison and Alex Part

 

There is also Stamp Duty which can be hefty.

[apart8]

Thank you for the info.

 

We were told we would need at least a 30% deposit.

[Guest Helchops]

Thank you for the info.

 

We were told we would need at least a 30% deposit.

 

Gosh...the market would be in trouble then. 20% is the norm, but you can get by with 5% but you've obviously got to accept the likelihood of Negative Equity is high.