2009/09/08
Buying your first home is an exciting yet daunting experience, but a little planning and some homework mean that the hardest part is actually choosing your dream home.
Before you start search for that dream house it's a good idea to have the finance approved. Doing this up front will give you a good idea of what price range you can afford. You should also keep in mind the additional ongoing costs that you will need to allow for when owning a home, such as rates, insurance, etc.
The first step will be to calculate how much money you have for the deposit. Generally speaking, banks and other financial institutions will require a cash deposit of around 10% to 25% of the value of the property.
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