The right financial advice makes the dream of owning your own home more than possible.

Owning a home is a dream for many Australians, but the sky-high property market can make it seem unattainable. With the right advice and a tailored financial plan, we can help you realise your dream.

The first step in buying a home is to see if you qualify for an investment loan. Once you have established that you are eligible for a loan, you can determine how much you can borrow and whether you can afford the repayments.

Risk is always involved with reward; the key is finding an acceptable level of risk and a well-structured financial plan that considers any curveballs that life throws at you.

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Essential Questions You Need to Ask

Before you start looking at houses, it’s important to ask yourself some essential questions about your financial situation.

To qualify for a home loan, you must have a sufficient deposit of at least 5%. You’ll also need at least 3-months of savings in your bank account, a clear credit history, and stable income and employment.

How much money you can borrow will depend on the lender, but it is generally between 85%-90% of the property value. There are many other associated fees, including Lenders Mortgage Insurance (LMI) if your deposit is under 20%, stamp duty, which can be as much as 6% of the property value, the valuation fee, transfer fee, legal fees and conveyancing costs, and loan fees.

To minimise the costs associated with buying a home, paying at least a 20% deposit means you don’t have to pay for Lenders Mortgage Insurance, which can be substantial.

Let’s look at the figures. The median house price in the Gold Coast’s middle circle is $710.000. So, at 20%, a deposit of $142,000 would be required to avoid LMI. For houses in the inner circle, suburbs located less than 5km from the CBD, the median house price is $735,00, so a deposit of $147,000 would be required.

While this may seem like a lot of money to down pay, paying a 20% deposit will save you a median LMI of $35,000 for houses in the Gold Coast’s middle circle and $38,000 for homes in the inner circle.

If you need help saving for a deposit, turn to the expert financial advisors at Centaur Financial Services or review the tips outlined on our I Want to Save for a Goal page to help you reach this goal. We have the experience needed to help you consolidate debts and devise a strategic plan to help you save your home deposit as quickly as possible.

Start Saving to Buy A Home Today

Are you dreaming of owning your own home? If so, you’re not alone. Millions of Australians share your dream, but many struggle to save for a deposit. The good news is that there is help available. Centaur Financial Services can help you consolidate your debts and devise a strategic plan to save for your home deposit as quickly as possible.

We have the experience and expertise to help you reach your goal, and we’re here to support you every step of the way. So what are you waiting for? Contact us today to learn more about how we can help you realise your dream of homeownership.

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