Hi, guys. Lee from Innovative Home Loans. Today I want to talk about the minimum cash required for a first home buyer to purchase a property up to $650,000.
Some of the banks I work with only require a minimum of 5% deposit for a purchase, which means as a first home buyer, you won't be paying stamp duty and could possibly proceed with a purchase only having $32,500 available cash.
A loan with such a small deposit does get scrutinised by the banks, so it is important to speak with your broker prior to any loan application, so you can prepare yourself and your finances to give your application the best chance of getting approved.
So if you are currently saving for your first property, please leave a comment or get in touch if you have any questions.
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