All Topics / Help Needed! / Mortgage insurance

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  • Profile photo of Paul22MPaul22M
    Member
    @paul22m
    Join Date: 2006
    Post Count: 26
    November 8, 2008 - 7:16 am

    Hi there , I am planning on buying my first home next year sometime , was wondering can anyone tell me how much deposit percentage I would need to avoid having to pay mortgage insurance? for example if I am looking around the 350000 mark how much deposit would I need to avoid needing to have it??
    Thanks

    Profile photo of lopethalopetha
    Participant
    @lopetha
    Join Date: 2007
    Post Count: 82
    November 8, 2008 - 11:01 pm

    Generally its 80% so $70K on a $350k property.

    Profile photo of BennyteeBennytee
    Participant
    @ten_burner
    Join Date: 2006
    Post Count: 243
    November 8, 2008 - 11:07 pm

    Hi Paul,

    the usual is 20% or $70,000 for a $350,000 property, to avoid paying LMI (lenders mortgage insurance)

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    November 9, 2008 - 1:13 am

    Westpac can stil lend up to 85% without LMI in some cases.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

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