Buy Now Or Save More Calculator
Is it better to buy a home now or is it better to save a larger deposit? By saving a 20% deposit you can avoid paying Lenders Mortgage Insurance. However, we know that while you are saving you may also be paying rent. This means that you may miss out on any growth in the value of the property.
Find out which option is the best for you using this simple calculator, courtesy of Genworth Financial.
Tips for using this calculator
Are the properties in your area increasing in value? The long term average growth for most capital city locations is around 8% per annum. Try changing the growth rate to match your local property market.
Have you made a savings plan? We find that many people try to save an amount that is unrealistic and as a result they return to their old spending habits. Set a savings goal that you can actually achieve each month.
How can I find the lowest LMI premium?
Not every lender has the same LMI premium rates. We have created a mortgage insurance calculator which compares lenders and lets you know if you are eligible for any LMI discounts/waivers.
Can I borrow 100% with no LMI?
Yes you can, however you will need the support of your parents guaranteeing your loan. The lender will use your parents property as additional security for your loan and you will not have to pay LMI. You can read more about this option on our guarantor mortgage page.
Apply for a home loan today
Speak to one our expert mortgage brokers on 1300 889 743 or enquire online today and we can find out which lenders can approve your loan.