Buying a house is such an exciting time in your life. Searching on the real estate portals you’ll see what’s available for purchase in the area and in the price range you’re wanting to spend.

You may find what looks like the house of your dreams. Once you contact the agent you can arrange an inspection. You may meet the agent at the property and absolutely fall in love with the home.

Once the agent has a chat to you about your deposit, they might ask you how much deposit you have. What if your response is, I/We haven’t saved for one yet..

We suggest that you consider talking to a mortgage broker/bank before you even look at homes for sale. Otherwise you may find yourself very disappointed if you find your dream home and you can’t buy it.

When you obtain a mortgage, most banks require a good size deposit and some banks will also require this to be saved over a set period of time.

Our advice is to save a deposit or even speak to a mortgage broker/bank and ask them how much deposit you would be required to save. Then the next step is to ask how much the bank will lend you.

Then once you have this all in order, contact the agent to find your piece of paradise. This will save some disappointment if the banks do not approve your loan. If you have any questions, please feel free to contact our office on 9622 7007.