17 Aug 2022

How much deposit do I need?

Deposit Home Loans

Mortgages are exciting, especially since they mean you are one step closer to owning a home. When you apply for a mortgage through a bank or lender, you need to put down a deposit on the loan, which is usually a small percentage of your desired home’s value. The average deposit that bankers look for is 10-20%, but this is not always possible.

For example, first-time home buyers across Australia rarely have a full 20% deposit ready when buying a home, likely why the average age for a homebuyer has risen to 32. Check with your lender and bank before submitting an application. It is also good to shop around.

Interested home buyers should discuss their plans with multiple bankers and lenders. Not all lenders have the same regulations, nor the same solutions. You may find a better interest rate and low deposit loan fee at a different location than your first consultation.

As long as you can handle the repayment amount due every month or fortnight, the deposit amount can vary. Ready to apply for a mortgage? Call a Mortgage House lender to start the process. They are happy to assist and walk you through the process with expertise and transparency.

Deposit Amount Conclusion

You do not have to save a specific amount when deciding on a mortgage and house. However, the repayment should be manageable. Use an online mortgage calculator to estimate your repayments based on the total loan and interest rate.

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