Your deposit options
The deposit you need depends on the loan-to-value ratio (LVR) you borrow at. Here's what each option looks like on an $800,000 home.
LMI varies by lender, loan size and deposit. Figures are illustrative.
What lenders mortgage insurance is
LMI protects the lender, not you, if you borrow more than 80% of the property's value. It's a one-off cost, usually added to your loan, and it rises steeply as your deposit gets smaller.
Some professions, such as doctors, lawyers and accountants, can qualify for LMI waivers with certain lenders.
The costs on top of your deposit
Your deposit isn't the only cash you need. Plan for conveyancing, building and pest inspections, loan fees and moving costs. Stamp duty may also apply if you aren't eligible for an exemption.
"The right deposit isn't always the biggest one. Sometimes buying sooner with 5% beats waiting years to save 20% while prices move."
Anthony Nocon, Financeo
Ways to get there sooner
Government schemes, a guarantor, or the First Home Super Saver Scheme can all help close the gap.
Quick self-check
Tick what applies to you. It's a rough guide, not an assessment.
Frequently asked questions
This article is general information only and doesn't take your circumstances into account. Lending rules, rates and thresholds change, so check current details or speak with us before acting.
Founder and Director of Financeo. More than a decade in lending, including commercial, business, property and private banking roles at Commonwealth Bank.
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