If you’re thinking about buying a home, it can seem like a no-brainer to head straight to your regular bank for a home loan.

But, as one of the largest financial decisions many of us are likely to make, buying a home calls for research and planning to ensure you’re making the right choices – everything from the suburb you’re buying in, the price of the home and most importantly, the home loan you secure. All of that can be daunting for home buyers.

Studies have found that many home buyers feel they lack the knowledge about home loans and don’t have the confidence to compare or select the right home loan on their own.

That’s why at IN2Mortgages we take the doubt out of finding the ideal loan. Our team of knowledgeable mortgage brokers work with each customer to understand their financial position, connect them with trusted real estate agents and guide them through the entire loan process from application to settlement.

The most common question we come across during home loan discussions is “how much deposit do I need?”. Most lenders will require you to have a deposit of at least 5% of the purchase price as a minimum.

If your deposit is less than 20%, you’ll have to pay Lenders’ Mortgage Insurance (LMI). There are ways to avoid these payments – for example, having a family member go guarantor on your loan or using a financial gift to boost your deposit size.

With every home purchase there is also an amount of stamp duty you must pay. The total amount depends on a range of factors such as the value of the property, the type of property and the State or Territory that you live in.

You should also factor in costs for:

  • Strata Fees;
  • Pest and Land Inspections;
  • Legal Fees; and,
  • Other Loan Fees.

For more information on home loans, and how we can help you purchase your home, fill out our form or contact us on 0418 646 441 today.


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