This will depend on the saving you have and how much savings you are allocating towards your property purchased, allowing for what type of costs you will be incurring.
There is costs previously mentioned before: solicitors costs, Stamp duty, moving in costs and depending how much you borrow, you may be asked to take out mortgage insurance, based on the level of borrowings required against the purchase price.
So for example if you are purchasing a property for $430,000 in NSW the stamp duty cost is currently $14,840.00.
Click here for a sample of mortgage Stamp Duty Based on your area *This calculator also calculates the mortgage registration fee and transfer fee.
Based on the level of borrowings against your purchase price, we will use 2 examples if you borrow $400,00 on the property purchase of $430,000 - the extra mortgage insurance is $12,000. If is borrowings of $43,000 and the purchase price is the same then
there is no mortgage insurance is usually payable for loan to value ratio of 80 percent or below (always check with your mortgage lender to confirm).
Click Here for a Mortgage Insurance calculator
So this gives you and idea of what deposit is required. A suggestion is to get a pre-approval loan from your mortgage lender, before shopping around!
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