• Home Loan Deposits Simplified by RAMS


    For a home the standard deposit is 20% of the value of the property, however there are ways to pay as little as 5% depending on the type of loan you get and additional agreements and features.


    Greater Together is helping you understand how much you'll need for your home loan deposit.

    If you've started saving for a home, you can think about buying once you've saved five percent of the purchase price.

    If you have less than twenty percent saved up, keep in mind that you may also need to pay lenders mortgage insurance.  You may be able to avoid paying lenders mortgage insurance if a parent or family member helps out with a limited guarantee.

    Your lender will be able to discuss these options with you.

    If a limited guarantee is not an option for you, you may be able to add the cost of the lenders mortgage insurance to the total amount borrowed, and repay it over the term of the loan.  Or of course you could decide to pay it upfront when you take out the loan.

    Helping you understand your home loan deposit options.

    It's why we're greater together.


    About the author

    • Raymond

      Raymond A Ram is the RAMbassador for RAMS Financial Group. Raymond works with the RAMS team to bring simple, helpful and expert information on home loans and savings accounts to life with his down to earth and cheeky personality. He enjoys seeing everyday Australians turn their dreams of saving for a goal or getting into a home a reality. 

      Growing up in Goulburn, NSW, Raymond was brought up with good old-fashioned Aussie values of hard work and a fair go. It soon became apparent that Raymond wasn't content for the conventional path of grazing, producing the very best wool, and finding a nice sheep to settle down with. So it wasn't long before his passion for performing and his talent as a likeable larrikin shone through - landing him a few roles such as 'RAMlet'. He was even tipped to play RAM-bo at one point but chose to become star of the small screen instead as RAMbassador for RAMS. He now finds this role so much more rewarding.

      Contact your local RAMS Home Loan Centre about your home loan options.

      Raymond A Ram

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  • Disclaimer:

    The information here is of a general nature only and is not intended to constitute financial or tax advice. You should consult your professional adviser, accountant or taxation expert for advice specific to your personal circumstances.

    The views and opinions expressed in this article are those of the author alone and do not necessarily represent the views or opinions of RAMS Financial Group Pty Ltd ABN 30 105 207 538 (RAMS),  Westpac Banking Corporation ABN 33 007 457 141 (Westpac) or their related bodies corporate. This article is strictly for information purposes only and neither RAMS, Westpac nor any of their related bodies corporate make any representation as to the accuracy or completeness of the information in this article or endorse the views expressed in it.