Average Australian Mortgage Size in 2023
29 Nov 2023
The time has finally come. After scraping together all of your savings to buy your first home, you’re now in a position to sell up and get the next one.
This is especially true if you can get to 20 per cent or more, which is the magic number where a number of costs are reduced or disappear completely.
With a 20 per deposit, also known as 80 per cent LVR (Loan to Value Ratio), you will get the following specific benefits.
As well as these specific benefits for having a deposit over 20 per cent, there are a number of general benefits from having a larger deposit that will increase the bigger the deposit gets.
Whether it comes from saving your income, or from accumulating equity in another property, there are big benefits to having an LVR of 80 per cent or less when you go to take out a home loan. It will save you money, make it easier to get approval for a loan, and give you access to a wider range of products.
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