Buying a house in Australia – is it necessary to have 20% deposit

Banks recommend that you have 20% deposit for your home; however, buyers find it increasingly difficult to save 20% deposit. Foreg buying a house in Brisbane you need to save $110,000 (estimated median house price in $550,000). For a family of four, in today’s environment it would be nearly impossible to save that kind of money. Well there is another option where banks cover their lending with Lenders Mortgage Insurance. It means, in case you are unable to service the debt, bank will sell the property and pay the loan and if any shortfall, it will be covered by the mortgage insurance company. Typically a home buyer will have to pay for the mortgage insurance and it is in thousands of dollars, depending on loan amount the loan to property ratio. Follow our site https://www.verticalbricks.com.au/buying-house-in-australia