How much deposit do I need to buy a house?

• 20% of the value of the home plus your acquisition costs, (eg, Stamp Duty, conveyancing costs, pro-rata rates etc) for a basic home loan that does not require mortgage insurance.
• 5% of the value of the home plus your acquisition costs for a loan that is mortgage insured. However, on occasions the mortgage insurer may ask that your contribution be greater than 5% depending on the location and condition of the security offered.
• Nil, if you qualify for the Family Advantage Loan
• Nil if you have other 1^st party security to offer

What is Mortgage Insurance?

Mortgage Insurance covers the lender in the event that it cannot recover sufficient funds from the sale of the security to repay the loan in full.

How much is the Mortgage Insurance Premium?
The premium can vary greatly depending on the size of the loan and the amount of equity the borrower has. It can range from hundreds of dollars to thousands of dollars.