We have been getting a lot of enquiries from future clients who either are at university or have just started working. All they want to know is about property and the possibility of them owning one one day. Our motto as Mgilija Properties is ‘‘don’t wait to buy property but Buy property and wait’’ and the first step to achieve this is before entering into the property market one should be saving towards a deposit. Buying your first home requires planning and saving. A deposit is very important as it gives potential home buyers the boost they need when applying for a home loan. If you have a deposit to put down, the Banks will take this into account and your affordability score will rise. AdditionalSave for a home deposit We have been getting a lot of enquiries from future clients who either are at university or have just started working. All they want to know is about property and the possibility of them owning one one day. Our motto as Mgilija Properties is ‘‘don’t wait to buy property but Buy property and wait’’ and the first step to achieve this is before entering into the property market one should be saving towards a deposit. Buying your first home requires planning and saving. A deposit is very important as it gives potential home buyers the boost they need when applying for a home loan. If you have a deposit to put down, the Banks will take this into account and your affordability score will rise. Additionally, your monthly home loan repayments will be lowered and depending on the relevant Bank’s criteria, you could be able to apply for a higher bond if you wish. Saving towards a deposit is a simple concept although it can seem difficult depending on your financial situation. However, it is like any investment plan; it takes time and patience. Start by drawing up a budget of your monthly expenses and deciding how much you can afford to save per month. You may have to make cutbacks on certain items, but in the end being able to put down a deposit will result in lower instalments and less interest over the loan period, making paying off your loan more manageable.
Budgeting tip: A general guideline is to aim to have 20% of the property value available as this will also cover registration costs.