The Weekend Post - Real Estate
PERSONAL CIRCUMSTANCES
A buyer’s personal financial position added a complicating factor to how they should assess the deposit hurdle.
“Loans can be marginal … on the deposit and on the repayments,” Mr Mickenbecker said. “If servicing the repayments on your income is going to be a stretch, a small deposit will be even more problematic and the bank shouldn’t actually be issuing the loan.
“Ultimately, the most important thing is being able to keep repaying the monthly amount. As long as you do that, prices can drop or interest rates will rise, and you’ll be fine.”