How Much Do I Need to Buy My First House

After last weeks post I have had a few people ask some questions like:
How much do I need or Is this really possible for me?

To answer this question I have done a rough summary of costs.

Purchase Price of $300,000

This is what  I would expect for someone who has saved $15,000 (or had sold a 2nd car or the unsued  jet ski sitting on the back yard)  has clean credit and steady employment.

Deposit  = $15,000 

Get a loan for $285,000
They pay mortgage insurance of 2% of the loan the so they can get a loan of 95%
Lenders Mortgage Insurance  Fee = $6000

The bank allows them to add the LMI fee to there home loan.

Now makeing the loan $291,000.
As it is their first home they don't pay stamp duty. 
(Had they not been first home buyers they would need to pay $9,000 in stamp duty.  approx only ) 

Solicitors Fee of $1100.

Payments would be $455pw.

Excited yet ?? Who is paying more in rent?

Who has more than $15,000 in savings or more than one car in the backyard they could sell.

Now do you belive this possible
 
I hope this helps please feel free to contact me via the contact page if you have any questions.  

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