{"id":2586,"date":"2025-01-08T15:55:41","date_gmt":"2025-01-08T05:55:41","guid":{"rendered":"https:\/\/anp-au.com\/?p=2586"},"modified":"2025-01-08T15:55:46","modified_gmt":"2025-01-08T05:55:46","slug":"%e5%a6%82%e4%bd%95%e5%84%b2%e8%93%84%e8%b2%b7%e6%88%bf%e9%a6%96%e6%9c%9f%e5%ad%98%e6%ac%be%ef%bc%9f%e5%8f%af%e5%8f%83%e8%80%83%e6%be%b3%e6%b4%b2%e6%94%bf%e5%ba%9c%e9%80%99%e5%80%8b%e6%8c%87%e5%bc%95","status":"publish","type":"post","link":"https:\/\/anp-au.com\/en\/%e5%a6%82%e4%bd%95%e5%84%b2%e8%93%84%e8%b2%b7%e6%88%bf%e9%a6%96%e6%9c%9f%e5%ad%98%e6%ac%be%ef%bc%9f%e5%8f%af%e5%8f%83%e8%80%83%e6%be%b3%e6%b4%b2%e6%94%bf%e5%ba%9c%e9%80%99%e5%80%8b%e6%8c%87%e5%bc%95\/","title":{"rendered":"How to save for a down payment on a house? You can refer to this guide from the Australian government"},"content":{"rendered":"<p>Buying a home is an exciting and life-changing process, and it all starts with saving for a down payment. Here&#039;s your complete guide to saving for a deposit and buying a home to help you achieve your homeownership dreams faster.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>1. Determine how much down deposit you need<\/strong><\/h3>\n\n\n\n<p>Before you start saving, calculate how much you can afford to borrow. Don&#039;t forget to factor in other costs associated with buying a home, such as stamp duty and conveyancing fees.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Calculation formula<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Property prices<\/li>\n\n\n\n<li>Plus relevant fees and charges<\/li>\n\n\n\n<li>Subtract the loan amount you can afford<\/li>\n\n\n\n<li>Equal to the down payment required<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Why a larger down deposit can save more?<\/strong><\/h4>\n\n\n\n<p>Savings goal suggestions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Property Value 20%<\/strong> As a down payment<\/li>\n\n\n\n<li><strong>Plus housing purchase related expenses<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Some lenders may accept a down deposit of 5%, but the smaller the deposit, the higher the loan amount and you may need to pay lender\u2019s mortgage insurance (LMI).<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>The larger the down payment, the smaller the loan amount, saving interest expenses<\/strong><\/li>\n\n\n\n<li><strong>Demonstrate good savings ability to improve your chances of loan approval<\/strong><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Loan-to-Value Ratio (LVR)<\/strong><\/h4>\n\n\n\n<p>The LVR is the loan amount divided by the property value. For example:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you buy a house worth A$600,000, the loan amount is A$450,000 and the LVR is 75%.<\/li>\n<\/ul>\n\n\n\n<p>The lower the LVR, the more likely you are to be exempt from LMI and the easier it is to get a loan approved.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Lenders Mortgage Insurance (LMI)<\/strong><\/h4>\n\n\n\n<p>When the LVR exceeds 80%, LMI is usually required to be paid. This is to provide protection for the lender, not the borrower.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>The average LMI charge is $6,200, but can increase with high LVRs.<\/strong><\/li>\n\n\n\n<li>You can choose to pay it as a lump sum or add it to your loan, but adding it to your loan will incur additional interest.<\/li>\n<\/ul>\n\n\n\n<p><strong>More information<\/strong>: Available <a href=\"https:\/\/www.insurancecouncil.com.au\" target=\"_blank\" rel=\"noopener\">Insurance Council of Australia website<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2. Get housing assistance<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>First Home Owner Grant<\/strong><\/h4>\n\n\n\n<p>First-time homebuyers or those building a new home can apply, with specific rules varying by state or territory:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Help with mortgage payments<\/li>\n\n\n\n<li>Reduction of land transfer tax (stamp duty)<\/li>\n<\/ul>\n\n\n\n<p><strong>Query details<\/strong>:access <a href=\"https:\/\/www.firsthome.gov.au\" target=\"_blank\" rel=\"noopener\">First Home Owner Grant official website<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>First Home Buyer Super Saver Scheme (FHSSS)<\/strong><\/h4>\n\n\n\n<p>Let first-home buyers save for a deposit through the Super Saver Scheme:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Maximum withdrawal of AUD 15,000 per financial year<\/li>\n\n\n\n<li>All annual withdrawals of up to AUD 50,000 of personal contributions and their earnings<\/li>\n<\/ul>\n\n\n\n<p><strong>Details<\/strong>: Check <a href=\"https:\/\/www.ato.gov.au\" target=\"_blank\" rel=\"noopener\">Australian Taxation Office website<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Home Guarantee Scheme<\/strong><\/h4>\n\n\n\n<p>The scheme allows eligible first-home buyers to purchase a property with a deposit as low as \u00a35% and without having to pay LMI.<\/p>\n\n\n\n<p><strong>Details<\/strong>:access <a href=\"https:\/\/www.nhfic.gov.au\" target=\"_blank\" rel=\"noopener\">NHFIC website<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3. Start saving for a down deposit<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Create a savings plan<\/strong><\/h4>\n\n\n\n<p>After calculating the price of your home, work with your partner to create a savings plan that includes savings goals and a timeline.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Create a budget<\/strong><\/h4>\n\n\n\n<p>Determine your income and expenses:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Monthly income and expenses<\/li>\n\n\n\n<li>Amount that can be saved regularly<\/li>\n\n\n\n<li>Costs that can be cut<\/li>\n<\/ul>\n\n\n\n<p>Check <a href=\"#\">Tips for saving money<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Automated savings<\/strong><\/h4>\n\n\n\n<p>Make saving a \u201cno-brainer\u201d by transferring part of your paycheck directly into a savings account, or set up automatic transfers.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Consider investing<\/strong><\/h4>\n\n\n\n<p>If you&#039;re planning to buy a home in a few years, consider investing. If you&#039;re comfortable with the risk, stocks or managed funds may help you grow your savings.<\/p>\n\n\n\n<p>For more investment options, refer to <a href=\"#\">Choose your investment<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Tool Recommendations<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mortgage Calculator<\/strong>: Understand your repayment ability<\/li>\n\n\n\n<li><strong>Savings Goal Calculator<\/strong>: Helps you set and achieve savings goals<\/li>\n<\/ul>\n\n\n\n<p>Saving for a home purchase takes time, but with a plan and perseverance, you can achieve your dream faster!<\/p>\n\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>\u8cfc\u8cb7\u623f\u5c4b\u662f\u4e00\u500b\u4ee4\u4eba\u8208\u596e\u4e14\u6539\u8b8a\u751f\u6d3b\u7684\u904e\u7a0b\uff0c\u800c\u4e00\u5207\u90fd\u5f9e\u5132\u84c4\u9996\u671f\u5b58\u6b3e\u958b\u59cb\u3002\u4ee5\u4e0b\u662f\u5132\u84c4\u5b58\u6b3e\u548c\u8cfc\u623f\u7684\u5b8c\u6574\u6307\u5357\uff0c\u5e6b\u52a9\u60a8\u66f4\u5feb [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[],"tags":[],"class_list":["post-2586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/anp-au.com\/en\/wp-json\/wp\/v2\/posts\/2586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anp-au.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anp-au.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anp-au.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/anp-au.com\/en\/wp-json\/wp\/v2\/comments?post=2586"}],"version-history":[{"count":1,"href":"https:\/\/anp-au.com\/en\/wp-json\/wp\/v2\/posts\/2586\/revisions"}],"predecessor-version":[{"id":2588,"href":"https:\/\/anp-au.com\/en\/wp-json\/wp\/v2\/posts\/2586\/revisions\/2588"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anp-au.com\/en\/wp-json\/wp\/v2\/media\/2587"}],"wp:attachment":[{"href":"https:\/\/anp-au.com\/en\/wp-json\/wp\/v2\/media?parent=2586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anp-au.com\/en\/wp-json\/wp\/v2\/categories?post=2586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anp-au.com\/en\/wp-json\/wp\/v2\/tags?post=2586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}