The Commonwealth Bank (CBA) has announced plans that will require first home buyers to stump up at least 3 per cent of their new home's purchase price on top of any government grants to which they are entitled.
The bank says it is prudent to seek minimum deposits in the current economic climate.
The Federal Government currently grants $14,000 to first home buyers who purchase an existing home, and $21,000 for a newly built home.
So if you are planning to purchase a $250,000 home, make sure you've got at least $7,500 in ready cash. Don't just rely on the First Home Owners' Grant.
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