How much deposit do I need to buy a home?

Posted in Resume Builders
How much deposit do I need to buy a home?

Then you'll not only be able to take a look at what's on the market in your price range, you'll also have some indication of what size deposit you'll need. Lenders Mortgage Insurance (LMI)Lenders Mortgage Insurance (LMI): If your deposit is less than 20%, then Lenders Mortgage Insurance is usually required. With Lenders Mortgage Insurance, the lender’s risk in lending to you is reduced. Essentially this means you may be able to apply for a home loan with less than a 20% deposit. This may reduce or eliminate the need to pay Lenders Mortgage Insurance.

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