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Home loan deposit (deposit question)?
OK, so, if you have saved more than your deposit price, can you still get a loan?
Let me explain:
I am aiming to buy small land, build a small home. Tiny. I plan to have saved $143000 of my own money before I get the loan of $75000 to cover the rest of the costs. That would require a deposit of, say, $15000.
Would I be able to get a $75000 loan with $143000 in savings?
Also- Using the $15000 as a deposit for the loan, that means I still get to use it for the house, don't I? Or would owning $143000 be considered a deposit in itself, and I'd get the $75000 on TOP of that?
But you see, I'm buying land and building a house. So I need to figure out the overall cost of the whole project first then...
1 Answer
- Anonymous9 years agoFavourite answer
If you buy a $90K house with $15K down, you are borrowing $75K.
This is true whether or not you have another $100K in savings.