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Saving/Finding a Deposit
Generally you are required to demonstrate a 6 month savings history with a minimum deposit of 5%. More is always better but Violet can offer – to approved clients – 100% finance on the purchase price. You will need to be able to cover legal and government fees, which is approximately a further 5% of the purchase price.
Some tips to help you save your deposit
- Play House. To give you an idea of what it’s going to be like when you have a mortgage, create a budget now and live by it to see if you can
financially and mentally cope.
- Save what a mortgage payment would be each month. If you pay rent save the difference between rent and a mortgage payment. Use our Calculators for an indication of what you can borrow and what the repayments will be. - Put your savings in a separate bank account that does not have key card access.
- Add any bonuses, tax refunds or monetary gifts into your savings account – it’s ‘bonus’ money.
- Look at having a portion of you salary directly debited in to your savings account.
- Put it in a high interest account. - Become a wise consumer
- Try not to impulse shop.
- Budget and save for purchases beforehand.
Call us on 9887 9999
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