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Whiteboard Wednesday 033 – Do I Need A 20% Deposit?

Whiteboard Wednesday 033 – Do I Need A 20% Deposit?

Do you need a 20% deposit for your first home or not? Chris Carlin, founder, financial planner and mortgage broker at Master Your Money Now explores this topic in more detail.

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Whiteboard Wednesday is a series of short videos where we teach you how to Master Your Money Now.

At Master Your Money Now we help everyday people take control of their finances from the comfort of their own home. We offer one-on-one advice and access to our exclusive membership benefits from as little as $990 upfront and $66 per month ongoing. Best of all, you may be able to fund a portion, if not all, of your upfront and ongoing advice from your super account i.e. potentially no out of pocket expense for you!

Master Your Money Now was founded in 2018 by Chris Carlin CFP, a financial planner with over seven years experience helping everyday people take control of their finances from the comfort of their own home.

Based in Geelong, we regularly speak to everyday Australians both individually and in group settings, teaching and empowering people with practical financial skills we should have should have been taught in school. In short, we make money easy to understand again.

If this is a topic that you would like to discuss in more detail, please go to www.MasterYourMoneyNow.com.au/getstarted to book in your complimentary 30 minute strategy session.

If you want to know more about Master Your Money Now, go to www.masteryourmoneynow.com.au and follow Master Your Money Now on:

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Disclaimer: This information is general information only. You should consider the appropriateness of this information with regards to your objectives, financial situation and needs. Past performance does not guarantee future returns.

Chris Carlin is an Authorised Representative (No. 1235031 for financial services and No. 514748 for credit) and Master Your Money Now Pty Ltd ABN 65 627 229 681 is a Corporate Authorised Representative (No. 1265677 for financial services and No. 514747 for credit) of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523

2 Comments
  • Matt
    Posted at 10:55h, 27 May Reply

    You haven’t factored in the interest payable on the home loan for the person that bought early. To say someone has ‘made 85k’ is a bit simplistic too.

    • Chris Carlin
      Posted at 11:02h, 27 May Reply

      Hi Matt, thankyou for your comment. Good point in regards to more interest payable on a bigger loan but an extra $60,000 in borrowing at 5% (which is really high in today’s market) is only $3,000 per annum in interest so I would still argue they are well ahead with a 5% deposit.
      Not sure what you are getting at with your comment of “made 85k is a bit simplistic too’. We can simplify or complicate the numbers as much as you like, but I maintain the view that you are better off with a 5% deposit than 20% for your first home.
      Chris

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