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You don’t always need a big deposit to take out a home loan, but saving a large deposit before you apply for a mortgage can have a huge range of benefits. These include:
Check out our full guide to saving a house deposit
The deposit amount you need to get a home loan is determined by each lender and its lending criteria. In the fine print explaining the features of mortgage products, you may have seen the words ‘maximum LVR’ followed by a percentage. LVR stands for loan-to-value ratio, which is a figure that expresses the amount of money you are allowed to borrow on the loan relative to the purchase price of the property.
Many Australian lenders offer loans with a maximum LVR of up to 90% or 95%, which means you would need to have a 10% or 5% deposit saved respectively. However, you would also need to budget for number of other fees that apply when you buy a home, including conveyancing fees, stamp duty and home loan application fees.
For more information about deposit size and what works for you, check out this page on deposit sizes.
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