30 May 2022
How Much Can I Borrow for a Mortgage?
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Even though the average deposit for home loans is between 10 and 20%, it is possible to secure a home loan with a smaller deposit. The most significant differences between a low deposit home loan and a standard home loan are lenders mortgage insurance and stricter lending criteria.Â
Both Lenders Mortgage Insurance (LMI) and the stricter criteria can affect your small deposit loan application.Â
The application process is the same whether you apply for a small deposit or a standard home loan. However, lenders have introduced stricter lending criteria for small deposit loans. Here are some tips to help you strengthen your application:
Applying for a small deposit loan can be stressful and complicated. At Mortgage House, we make the process easy. Our small deposit loans are easy to apply for and have competitive interest rates and loan features.Â