• November

    30

    2017
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Using your home loan deposit effectively

Using your home loan deposit effectively

Saving up a deposit is an important step before applying for a home loan. For many people, a deposit represents a lot of hard effort and careful budgeting! So it’s important to use your deposit effectively. With lender policies and financial regulations constantly changing, most people don’t realise that the mileage they’ll get out of a deposit can vary.

Not all lenders treat deposits equally

You may be surprised to learn that not all lenders treat deposits equally. For a start, different lenders require different sized deposits. While some lenders may want you to have a 20% deposit, others can be much more flexible, with options of 10-15% deposits.  These more flexible lenders will lend to people with smaller deposits.

Additionally, the size of your deposit also affects you borrowing capacity. This means that different lenders will lend you different amounts based on how much you’ve saved up!

For example, a recent client had saved up an amount that he thought would only allow him to buy a $1 million property. However, when he was unable to find a property within the $1 million range, we were able to match him with a lender who would allow him to purchase a $1.2 million property with that same deposit.

As you can see, a lender’s policy on deposits can have a huge effect on what property you can buy.

For the average person, finding how much they need to save up to get a home loan, or how much they can borrow with their current deposit can be a bit tricky.

Let your broker do the hard work for you

At Bee Finance Savvy, we do the hard work for you. We use our industry expertise to provide you with an optimal outcome. We keep familiar with both regulatory changes and lender policy updates, and how these factors affect our clients.  This allows us to work out which lenders will put our clients’ home loan deposits to use most effectively.home loan deposit Bee Finance Savvy Sutherland shire mortgage broker

We will carefully analyse all of your information and circumstances, to first determine which lenders you may be eligible to apply to. We then determine which of these lenders will allow you to make the most of your deposit. All of this assessment is carried out before we, or most importantly – our clients, commit to submit an application. This means our assessment does not carry the risk of marking your credit file.

If you’d like to find out more about what your borrowing capacity and buying power are, based on a particular deposit amount, we’d love to help you.

You can call our friendly broker Desiree, for a free consult! Desiree will provide you with an up front assessment of your circumstances, and discuss the best way to reach your property goals.

To find out more, call or text Desiree on 0455 131 937 or 1300 140 554. Desiree can also be reached at enquiries@beefinancesavvy.com.au .  Alternatively, you can fill out the contact us form on this site.

Would you like to hear from some of Bee Finance Savvy’s happy customers? You can read what they have to say on our WOMO reviews page https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda .

You may also enjoy – http://beefinancesavvy.com.au/interest-rate-home-loan/

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