I read banks weren’t lending to people having below 20% deposit?

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When you have lower than 20% deposit, youre labeled (by banking companies) while the a minimal Security (or Put) Borrower. You are required to see a unique number of criteria so you’re able to consumers with 20% or maybe more.

Note: this short article has been updated to reflect the alterations for the LVR regulations. Data is latest within 7th . Is a report about men and women LVR alter.

Understanding the criteria of one’s financial institutions was complicated. We now have make widely known inquiries to try to make it all much easier.

An appropriate put the very own-household pick was 20%, but typically, minimal required are 10% to have a preexisting possessions and you may, in a number of infrequent cases, 5% getting a switch-trick create.