20% Deposit Home Loan
Benefits of 20% deposit home loan
For most full doc loans, a 20% deposit is the benchmark to avoid Lenders Mortgage Insurance (LMI). This will save you thousands of dollars. Additionally, when you have a 20% deposit, it opens up more options for you and more competitive rates.
What type of loan can I apply for with 20% deposit?
Most residential home loans are available with a 20% deposit. As long as you provide suitable enough security, you would be able to get an 80% LVR home loan. The loan products you could get at 80% LVR include:
- Basic Home Loan
- Standard Variable Home Loan
- Honeymoon Home Loan
- 100% Offset Home Loan
- Bad Credit Home Loan
- Guarantor Home Loan
- Low Doc Home Loan
- Probation Home Loan
- Fixed Rate Home Loan
- Professional Package Home Loan
- Construction Home Loan
- Commercial Loan
Which lender can I apply to?
When you can show you have 20% deposit, you will be able to successfully apply for a loan with most lenders in Australia with no need for lenders mortgage insurance. These lenders include:
- Major Banks
- Regional Banks
- Non Australian Banks
- Non Bank Lenders
- Credit Union
- Building Societies
- Non Conforming Lenders
- Finance Companies
- Mortgage Managers
If I don't have 20% deposit?
You can still buy a property without a 20% deposit and elect to pay LMI with a low deposit loan. Additionally, you can buy a property with
20% home loan deposit FAQ's
Yes, it is possible to get a low doc loan when you have 20% deposit. Whilst the policies can differ between lenders considerably, you will find many different products are available for a 20% deposit low doc loan. It's best to talk with a Mortgage Providers broker as we can guide you through to the lenders that best suite your needs.
The main benefit of having 20% deposit is that you will avoid paying lenders mortgage insurance. Further, many lenders will waive start up fees when you provide 20% deposit. Our brokers will guide you to the best lender to maximise your savings!
Most bad credit lenders will approve most bad credit loans with 20% deposit. An 80% LVR is a good benchmark to mitigate risk, so you will find most lenders who accept bad credit will consider a home loan application with 20% deposit.
When you have 20% deposit, you will have access to a wide range of lenders. With Mortgage Providers, we will guide you through to the cheapest and most cost effective product at an LVR of 80%. Call us today if you would like an 80% LVR home loan on 1300 656 600.