Buying Your First Home Deposit

The deposit is the amount of money you contribute from your savings towards the purchase.

Buying your first home deposit. Work out a budget so you re setting aside money every week. We ve got the tools and knowledge to help you no matter what stage you re at from saving a deposit to finding your new home. Set up a savings account or term deposit or use the first home super saver scheme for up to 30 000 of savings. Eligible first home buyers can withdraw voluntary super contributions which they ve made since 1 july 2017 to put toward a home deposit. New property owners who are succesful would see the government helping to pay the 10 down payment or a maximum amount of rm30 000 whichever is lower.

Under the first home super saver scheme fhsss first home buyers who make voluntary contributions into their super can withdraw these amounts up to certain limits in addition to associated earnings from their super fund to help with a deposit on their first home. You can also figure out how long it will take you to reach your savings goal of a deposit. The typical deposit is 20 per cent of the purchase price although it s possible to buy a home with a deposit as low as 5 per cent. When you have a stake in the property it reduces the lender s risk. Buying your first home can be overwhelming there s a lot to get your head around.

That s why generally the lender will require that you have a deposit. Many lenders now require a deposit of 20 of the purchase price excluding transaction costs.