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How much savings should we have ready for our property purchase?

When purchasing a home, it is important to consider the cost of the property and plan accordingly for the necessary savings.

As a general guideline, it is recommended to have a minimum of 10% of the purchase price saved for the deposit, along with an additional 5-6% to cover associated fees and charges such as application fees, valuation fees, and government fees and charges.

It is important to note that lenders mortgage insurance (LMI) may be required for any deposit that is less than 20%, so it is important to budget accordingly. Kindly consult your finance consultant to determine the appropriate savings plan for your specific situation.