Deposit is the amount of cash you can contribute to the purchase of a property.
The amount you need to buy a home could be as little as 2% for a first home buyer, 5% plus purchase costs for a second home buyer. 10-15% for an investor or 20% plus purchase costs if you are wanting to avoid lenders mortgage insurance.
When you’re thinking about your deposit, think of it this way: The bigger your deposit is—the less you’ll have to borrow—the lower your repayments will be.
Your Provident Lending Consultant will assess your personal and financial circumstances and work with you to determine your deposit requirements.