Whether you’re an experienced investor or a first-time home-buyer, you’ll need to pay for the upfront costs that come with buying a house, such as stamp-duty expenses, research costs and fees related to working with a host of professionals. But, above all of these, it’s the deposit that represents the biggest cost of all. For example, you’re trying to buy a property in Sydney. The median house purchase price in that city stands at $1 million. That means you’ve got to raise $200,000 if you want a home loan with a loan-to-value ratio of 80%. You need that deposit if you want to get your dream home.
How can I get or fund a deposit home?
There are practical and smart ways to fund a deposit for your dream home or next investment property. Here are six techniques you can use, check out the article above. But to give you the gist, you can fund a deposit home by:
(1) working with a mortgage broker
(3) considering affordable housing
(4) checking for and claiming relevant grants
(5) entering into a joint venture; or
(6) working with a guarantor
How can ‘rentvesting’ help me fund or get my deposit home?
In short, if you do want to go with the approach of having a guarantor, just make sure you’ll follow through with your end of the deal and complete your repayments until the end.
Where can I get the best loans for my deposit?
Part of your property journey as a savvy buyer is to focus on what you can afford and work with a mortgage broker to get the best possible deal on a loan. And that is where we at Property Investory can help. Click on this link and fill out the form, and we’ll get in touch to talk to you about your deposit home or mortgage needs.
How do I reduce my house deposit or deposit home?
If you use any of the six savvy techniques I share in the article above, you may be able to take a considerable chunk out of one of the largest fees you’ll pay! (In fact, having a guarantor or creating a joint venture agreement could even help you to get a property without paying a deposit at all.)
If you’re craving for more insights on funding a deposit for a home, check out the article above. We’ve spilled all the juicy, helpful details you’ll need to know on your property journey today.