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What's is the minimum deposit I need for a home loan?

The minimum deposit you will need to pay on a home loan will depend on a number of things, primarily your lender and the loan type.

Generally, the deposit is expected to be between 5-20% of the purchase price of a property. For example, if the house you intend to buy has a purchase price of $800,000, you will need a $40,000 (or 5%) deposit, minimum.

If you are able to pay a deposit greater than 20% you likely won't need to fund the extra costs of Lenders Mortgage Insurance (LMI), and the more you pay upfront, the less you'll have to pay back later.

Find out if you qualify for a low rate home loan today by chatting to a Lendi Home Loan Specialist.

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