This is an important question that will determine your purchase power to purchase the property you desire. Another important factor is the timing of when you are ready to purchase the property as well.
When purchasing a property you will have to take into account the savings element that you have as an individual or jointly saved. Some time with joint partners, one partner may have save more than the other and the other may have debts to be paid first or little savings. A good policy is to be debt free as much as you can no matter what the financial lending institutions say to you. They are not really any experts as to the amount of money you need to save as they will just give you advice on the maximum loan available to you.
The amount of loan repayments will be determined by the amount of funds you have saved individually or jointly. Some purchasers may not need to save and obtained funds from inheritance from deceased estates, gifts from family or friends (especially with assisting for deposits) or other financial avenues (without lending)'
Even people receiving benefits maybe able to save with small amounts until permanent jobs are obtained and then save more.
I personally cannot tell you what amount you need to save but the obvious action to take after budgeting yourself/yourselves is to place a proportion of your income into an account. Saving Money Grows with your high hopes especially if you keep in line with your budget savings.
You are definitely heading the right direction with the more money you save as not only do you have to organise the holding deposit and then the approximate 10% deposit and if can inclusive of Solicitors Costs a and State Stamp Duty and other pre-purchase costs.
For example if your combined income is *$1500 per week and with strict budget processes in place you are both renting/living with parents and able to place up to $750 per week into a saving account (that could give higher interest than a normal account) then in after the folowong:
10 weeks $7,500 saved,
20 weeks $15,000 saved,
30 weeks $22,500 saved,
40 weeks $30,000 saved,
50 weeks $37,000 saved and
52 weeks $38,500.
Now this could place yourself in a position to purchase a property, pending on the type of property you want to purchase and the price range. Should you which to save for a longer period to purchase a higher priced property and also be able to maintain mortgage repayments, even if interests do go up in the future. Interest on this savings could assist you with paying for Solicitors costs, State/Territory Stamp Duties and pre-purchase costs.
The more savings you have the less borrowings you will need and also the less interest to be paid to the bank. Also have a saving record provide you with an easy track record to transfer those savings to your mortgage repayments The other important aspect is financial institutions do not mind if you use the full amount of you pre-approval home loan but if you come back to them with a reduced amount to borrow they scratch their heads, as their proposed lending goes down.
After you have saved all funds, to determine your deposit you make on your purchased property, all pre-purchased costs should be paid from your pocket - balance left over deposit on property and then that allows you to determine your borrowings. Basically the more deposit you have the more equity you will have on your property, the less the financial institution has of the equity on property.
*This amount is determined by individual income or joint income and is only used as an example.
The amount of loan repayments will be determined by the amount of funds you have saved individually or jointly. Some purchasers may not need to save and obtained funds from inheritance from deceased estates, gifts from family or friends (especially with assisting for deposits) or other financial avenues (without lending)'
Even people receiving benefits maybe able to save with small amounts until permanent jobs are obtained and then save more.
I personally cannot tell you what amount you need to save but the obvious action to take after budgeting yourself/yourselves is to place a proportion of your income into an account. Saving Money Grows with your high hopes especially if you keep in line with your budget savings.
You are definitely heading the right direction with the more money you save as not only do you have to organise the holding deposit and then the approximate 10% deposit and if can inclusive of Solicitors Costs a and State Stamp Duty and other pre-purchase costs.
10 weeks $7,500 saved,
20 weeks $15,000 saved,
30 weeks $22,500 saved,
40 weeks $30,000 saved,
50 weeks $37,000 saved and
52 weeks $38,500.
Now this could place yourself in a position to purchase a property, pending on the type of property you want to purchase and the price range. Should you which to save for a longer period to purchase a higher priced property and also be able to maintain mortgage repayments, even if interests do go up in the future. Interest on this savings could assist you with paying for Solicitors costs, State/Territory Stamp Duties and pre-purchase costs.
The more savings you have the less borrowings you will need and also the less interest to be paid to the bank. Also have a saving record provide you with an easy track record to transfer those savings to your mortgage repayments The other important aspect is financial institutions do not mind if you use the full amount of you pre-approval home loan but if you come back to them with a reduced amount to borrow they scratch their heads, as their proposed lending goes down.
After you have saved all funds, to determine your deposit you make on your purchased property, all pre-purchased costs should be paid from your pocket - balance left over deposit on property and then that allows you to determine your borrowings. Basically the more deposit you have the more equity you will have on your property, the less the financial institution has of the equity on property.
*This amount is determined by individual income or joint income and is only used as an example.
