03/09/2024
You may have heard that "𝑨𝒍𝒍 𝒀𝒐𝒖 𝑵𝒆𝒆𝒅 𝑰𝒔 5% 𝑫𝒆𝒑𝒐𝒔𝒊𝒕 " to buy your first home. While there's some truth to this, it depends on several factors:
𝒀𝑬𝑺, if:
✅ You have the borrowing capacity to cover the rest of the purchase price.
✅ The purchase price is below the threshold for stamp duty exemption, allowing you to use all your savings as a deposit.
𝑵𝑶, if:
❌ Your borrowing capacity is less than 95% of the purchase price.
❌ The property’s purchase price exceeds the stamp duty exemption threshold, requiring additional funds to cover stamp duty costs.
𝒀𝒐𝒖 𝒂𝒍𝒔𝒐 𝒏𝒆𝒆𝒅 𝒕𝒐 𝒊𝒏𝒄𝒍𝒖𝒅𝒆 𝒐𝒕𝒉𝒆𝒓 𝒆𝒙𝒑𝒆𝒏𝒔𝒆𝒔, 𝒔𝒖𝒄𝒉 𝒂𝒔 𝒃𝒖𝒊𝒍𝒅𝒊𝒏𝒈 𝒊𝒏𝒔𝒑𝒆𝒄𝒕𝒊𝒐𝒏 𝒂𝒏𝒅 𝒔𝒐𝒍𝒊𝒄𝒊𝒕𝒐𝒓 𝒐𝒓 𝒄𝒐𝒏𝒗𝒆𝒚𝒂𝒏𝒄𝒆𝒓 𝒇𝒆𝒆𝒔.
If you're a first home buyer and unsure where to start, feel free to reach out. I’m here to help guide you through the process.