What is a good deposit on a house? The simple answer is as much as you can possibly get together. The larger the deposit you have, the smaller the loan you’ll need, the easier the approval process will be and the better the interest rate and loan terms you’ll be able to negotiate.
The minimum home loan deposit normally required is 10%, but you should try and get at least 20% together if you can. That’s because if you borrow more than 80% of a property’s value, your lender may require you to take out Lenders’ Mortgage Insurance.
It’s also worth checking if you’re eligible for any grants or government schemes (like the First Home Owner Grant), as they can help to bolster your deposit amount.
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