Mortgage Broker Iluka | Home Loans Iluka

Buying property in Iluka

Perhaps Perth’s best kept secret, Illuka offers residents pristine beaches, manicured parkland and a relaxed lifestyle. Locals are typically couples with children paying between $3,000 - $4,000 per month on mortgage repayments. Homes in Illuka on average spend 24 days on the market before changing hands.

Iluka has plenty of great schools to choose from including Francis Jordan Catholic School, Burns Beach Primary School, Ocean Reef Senior High School and Belridge Secondary College. For nature lovers, the Iluka Coastal Path is sure to impress with beautiful views and plenty of birdlife.

If you’re looking to purchase a property in Iluka, contact Manu Gupta from Mortgage Choice Iluka today to explore your options and organise a complimentary borrowing capacity.

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Home Deposits

The ideal deposit for lenders is 20%. In other words, if you are looking to purchase a home worth $550,000, you should try to save at least $110,000 plus fees such as stamp duty and legals.

In addition to funding your initial contribution to the purchase price of a property, the money you saved can also help pay for stamp duty (where required), as well as other closing costs.

What if you don’t have a 20% deposit? Don’t worry! Many lenders will require a much smaller down payment, and will lend up to 90% or 95% of the value of your desired property, provided you meet their specific requirements.

Of course, if your deposit is less than 20% of the value of your home, you may be required to pay Lenders Mortgage Insurance or LMI.