Posted March 03, 2020 09:56:59Buying a home in Sydney’s CBD is not as easy as you might think.
While it’s easier to get a mortgage, you have to have a property insurance policy and a deposit of at least $400,000.
To secure a deposit, you’ll need to take a property appraisal.
It will help you assess your property and whether you’re prepared to pay more than the standard 30 per cent deposit.
If you can’t afford the deposit, the property insurance company will cover most of your costs.
For many, the deposit will only be around $300,000, while for some, it may be as high as $1 million.
If it’s not a home, then there are plenty of other options.
There are plenty more options than just Sydney, but these are the basics.
The BasicsThe main way to find a home is through a mortgage.
If that’s not your thing, then you can still buy your property through a home loan.
A home loan is a mortgage with a lower interest rate.
It can be a good way to get you into the property market.
The lender will need to be approved by the Banking Council of Australia and you will need a deposit up to $500,000 (currently $2,400 per week) for the loan to be considered.
For more information, read our guide to the home loan process.
You can also buy a property through the stock market.
Stock markets are popular for those looking to buy a new home.
It’s usually the first place where the market goes to market.
If your local market is saturated with home sales, you may find that you’re not able to make a purchase and instead need to borrow money.
If this is the case, you can apply for a bank guarantee.
It covers up to a third of the purchase price.
It allows you to borrow up to 10 per cent of the price of your new home through the bank and then repay the loan in the future.
In some cases, you could be eligible for a credit card.
To find out more about credit card offers, check out our guide.
For those looking for a new place to live, there are also many other options available.
For example, you might be able to apply for an affordable house loan.
The loan can be for up to about $1,500 per week.
If the loan is approved, you’re given a loan amount up to 25 per cent for the property.
You then repay that in full at the end of the term.
For a mortgage or a new property, there’s always the option to apply through an agency such as Centrelink or the Commonwealth Bank of Australia.
For the full list of available housing options, check the National Housing Council.
In the meantime, you need to do your homework before you buy your dream home.
Read more about home buying and renting.