First and foremost make sure you have at least 2% deposit saved in an account that you don’t touch.
In Australia we have low income lenders which differ state to state but allow you to purchase a home with only 2% deposit plus fees
Make sure you have your fees ready approx $5500 for a $300,000 home
These fees cover settlement, lawyer, building and pest inspection, rates and more
In regards to building and pest inspectors make sure you get a qualified and registered builder to do this as we learnt the hard way and ended up our of pocket with technically a useless report as in WA building inspectors do not have to be licensed however most lenders will not accept a report from an unlicensed inspector.
If you wish to go through a bank for your mortgage, which is a good idea if you can afford to, as they charge lower interest than the low income lenders, you will need at least 5% deposit, however with a deposit of less than 20% you will pay lenders mortgage insurance (lmi) which is about $10,000 upfront on top of the deposit and other fees.
Part 2 coming soon….