How much deposit do I need for a Home Loan?
Depending on the purpose and size of your loan, Suncorp may provide finance of up to 95% of your property value. This amount includes Lenders Mortgage Insurance (LMI) if applicable, possible bank fees and some government fees.
So, when the purpose of a loan is for a purchase and Suncorp is providing 95% of the property value, your deposit will consist of 5% of the purchase price plus the cost of LMI, bank and government fees (mortgage registration and transfer fee).
Higher deposits may be required for investment lending and/or borrowing to finance the purchase of vacant land for construction loan purposes (for example, Suncorp may provide finance of up to 90% of the property value).
It is also important to consider any additional costs that may apply, for example transfer duty on a property, moving costs, pest and property inspection costs and solicitor’s fees.