Regardless of your current financial situation, there are numerous options available to you. If you require a first-time homebuyer loan, there may be specific asset requirements. It is recommended that your savings account holds at least 5% of the property value for a minimum of one month. The deposit amount can range from 0% to 20%. Maximum rates apply to certain regions and individuals with poor credit ratings. If you have a guarantor, it is possible to borrow up to 100% of the total property value. LMI can be advantageous for first home buyers looking to enter the market sooner without a substantial deposit. However, if you have the time, saving up a 20% deposit can help you bypass the additional cost of LMI and ultimately pay less interest over the loan’s term.
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