News Hong Kong Property & Finance

how much deposit do i need?

ORIGINAL POST
Posted by kyander 14 yrs ago
Hi we are looking to purchase a flat in Tung Chung for 5million can anyone please advise how much deposit we would need? we are going to be living in the flat.

I have heard we may need 30% and am hoping we only need 10%, thanks

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COMMENTS
ricardo 14 yrs ago
You can get away with 10% if your income is strong.

A middle ground of 20% with an insurance top-up is easier - of caorse depoending on income. We only put down 5% a couple of years ago but banks were more generous then and we had to add the insurance premium to our loan.

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kyander 14 yrs ago
Thanks a lot for the information, Do you know how much extra we would need to pay the HKMC- We will only have just enough to cover the stamp duty deposit laywers and comission but the company pays off the property about 4 times the required monthly repayment.

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kyander 14 yrs ago
oh and do we need to have had the deposit in our account for a certain amount of time in hk before we apply to purchase the flat? We have heard that the money needs to be in our account for about 3 months before we can apply? we will be transferring the money from our house sale in australia, so would we have to wait 3 months in hk before we can start looking for a flat?

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kyander 14 yrs ago
Cheers thanks a lot:)

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