Applying for a home loan

Home Loan Eligibility Criteria

Home Loan Eligibility Criteria

While every lender will have their own specific lending criteria, all banks and private lenders will look for a few of the same things. Here's what to prepare for when you apply for a home loan.

How much deposit do you need to buy a house?

How much deposit do you need to buy a house?

Most banks will not lend you the entire value of a property when you purchase a home. You're usually going to need a deposit of at least 5% of the purchase price, but there are caveats to how much deposit you'll actually need.

What you need to know about Lenders mortgage insurance (LMI)

What you need to know about Lenders mortgage insurance (LMI)

For most people, especially first-time home buyers, insurance on your home loan is a necessary evil when buying a home. It’s known as Lenders Mortgage Insurance, or LMI, and although you are the one who gets the insurance, it’s not to protect you; it’s there to protect the lender.