These two points go hand in hand and form step number one on the road to purchasing property.

Setting a budget is an important first step in the property-buying process. Your property budget will be dependent on your regular income, your savings history, dependents, outgoing debt, and ongoing living expenses. A good place to start is with an online borrowing power and mortgage repayment calculator.  An even better place to start is by making an appointment with your lender so they can perform a borrowing power calculation for you.

In most situations, before buying a property, it is essential to ensure you have a deposit saved. Most lenders require a minimum 20% deposit to avoid paying lender’s mortgage insurance; however, some lenders may have loan products that allow individuals to borrow up to higher percentages of the property value.