How much do I really need in savings?


This varies tremendously from bank to bank so I will give you the short cut that a broker can obtain with all the options I have.

It’s your first home and it will cost $400k – there will be about $2k in other costs (for Qld – this varies from state to state though).

You need a minimum of 5% plus these costs of which that 5% must be saved (or held) over a 3 month period.

That’s $20k saved and $22k in total (the last $2k can be saved, gifted or found under a rock).

BUT if you can get 10% plus these costs – that’s $42k , then the whole amount can be gifted, or won in a lottery, or inherited or …… anything you like (as long as it’s not borrowed).

You can ask 10 lenders and get 10 answers that differ to what I have written above – that simply means they are the wrong lender for you.

Still got questions..? Call or Email me anytime..

Alan Heath