Buying your first home

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How much money can I borrow to buy a house?

  • A bank or mortgage broker can help you establish a realistic figure
  • If you have less than 20% of the purchase price, you may need to pay Mortgage Insurance. This allows you to borrow a larger percentage of the purchase price but slows the rate at which you pay off your loan
  • Mortgage Insurance can be included either in your upfront costs or in your loan repayments so that it’s spread out over the term of the loan
  • Once you have decided that you are comfortable with the amount your Lender has approved for you, it’s wise to get your lender’s ‘pre-approval’ or a ‘Deposit Bond’. Then you can bid confidently at an auction, or make an offer on a ‘private’ sale, knowing your lender won’t say no
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