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When should I start saving for a house?

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 Why not today?? I believe it is important for everybody to try and put some money away on a weekly basis into a separate account. This does not have to be for a house deposit, it may be for a holiday or even a new dishwasher. The point of the exercise is to have some forced savings put aside for a rainy day and like anything once something becomes a habit you never even miss the money you put aside. The sooner you start saving the sooner you will start to get together a deposit to place down on your home. Just remember to make sure it is put into a bank account on a regular basis that is in your name (Not under the bed) as this will show a prospective lender your ability to make a commitment of genuine savings.So as mentioned previously make sure that the money is saved in some form of account in the purchaser’s name. Lenders are looking for a minimum of 5% genuine savings however we do have other options available if this is not possible. In an ideal world if you are paying $200,000 for a property you would have $10,000 saved in an account for the purchase. The lender will want to see the past 6 months worth of bank statements to show that the money has been going in on a regular basis or that you have held the money for at least 6 months in that account.

Different lenders have varying requirements so what I suggest is coming in so I can look at your individual circumstances and then I will be able to discuss in even more detail if you are currently eligible to purchase a house with your current savings history.


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