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First home buyers guide to mortgages

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If you’re a first home buyer, having your finances organised and a loan pre-approved before you start looking for your home can help you save time and avoid disappointment. Here’s our quick guide to what you need to know.

How much deposit do you need?

Most mortgages are based on a 20% deposit on the price of the property, with the bank or financial institution lending you the 80% to get to the final sale price. While it is possible to have a lower deposit, these usually come with additional expenses such as a higher interest rate and lenders mortgage insurance.

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