Less than 20% deposit
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You can still get a home loan with less than 20% deposit, but there’s some important information you need to know around lending restrictions for high loan-to-value ratio (LVR) lending.
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You could still get a home loan with less than 20% deposit. If you’re a first home buyer, consider applying for a Welcome Home Loan, where you don’t need a 20% deposit. If you’re not a first home buyer, contact us to discuss your deposit and we’ll see how we can help.
The amount you’re looking to borrow as a percentage of the property’s market value.
If want to switch your home loan to us from another bank and the LVR is over 80%, but the loan value doesn’t increase, your application will be accepted, subject to our normal lending criteria.
If your loan has an LVR over 80%, it will attract an interest margin (applies to both variable and fixed rate loans). This interest margin will apply to your loan while the LVR remains over 80%. As you repay your loan and the LVR drops under 80%, the interest margin will no longer apply.
If you’re looking to buy your first home and have less than 20% deposit, consider a Welcome Home Loan. Or, if you’re building a new home you’ll live in, you won’t necessarily need a 20% deposit.
Find out about a Welcome Home Loan
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