03/09/2024
You may have heard that "๐จ๐๐ ๐๐๐ ๐ต๐๐๐
๐ฐ๐ 5% ๐ซ๐๐๐๐๐๐ " to buy your first home. While there's some truth to this, it depends on several factors:
๐๐ฌ๐บ, if:
โ
You have the borrowing capacity to cover the rest of the purchase price.
โ
The purchase price is below the threshold for stamp duty exemption, allowing you to use all your savings as a deposit.
๐ต๐ถ, if:
โ Your borrowing capacity is less than 95% of the purchase price.
โ The propertyโs purchase price exceeds the stamp duty exemption threshold, requiring additional funds to cover stamp duty costs.
๐๐๐ ๐๐๐๐ ๐๐๐๐
๐๐ ๐๐๐๐๐๐
๐ ๐๐๐๐๐ ๐๐๐๐๐๐๐๐, ๐๐๐๐ ๐๐ ๐๐๐๐๐
๐๐๐ ๐๐๐๐๐๐๐๐๐๐ ๐๐๐
๐๐๐๐๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐.
If you're a first home buyer and unsure where to start, feel free to reach out. Iโm here to help guide you through the process.