Home Loans
How much deposit do you need
How the deposit changes the rate you are offered, and what else your savings must cover.
Key takeaways
A bigger deposit lowers the rate
Savings must cover fees as well
Keep a three-month reserve
Automate your saving
The deposit is only part of the cash you need. Plan for the whole amount.
1. Deposit and rate
A larger deposit usually brings a lower rate. Ask lenders where their thresholds are.
2. The other costs
Taxes, legal fees, a survey and moving are paid from savings too.
3. Keep a reserve
Leave enough for three months of costs after you move in.
4. Saving faster
Set up an automatic transfer on pay day and review it every quarter.
This is a demo article with invented figures.
T
Written by
Tomás Rivera
Home finance writer
