MORTGAGE APPLICATIONS
Another fundamental way to secure a home loan is through a deposit . Home loan deposits continue their upward trajectory – especially amongst first-time homebuyers .
In Q1 ’ 24 , 47 % of ooba first-time homebuyer applications secured their purchase with a deposit – up from 43 % in Q1 ‘ 23 .
Furthermore , the average deposit from new homebuyers rose to 10.9 % of the purchase price - up from Q1 ‘ 23 ’ s 9.7 % and significantly higher from the average deposit of 7.3 % recorded across all applications processed in Q1 .
A bigger deposit helps to reduce your home loan term and / or your monthly home loan repayments . It ’ s also a great way to secure the best possible interest rate and show both the banks and sellers that you ’ re a serious homebuyer .
4 . You ’ re Allowed to Negotiate In a challenging economic
Real Estate Investor Magazine JUNE 2024 71