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Do I need a deposit?

Need-to-know facts about a home deposit

How much do I need for a deposit to buy my home?

The general rule is you'll need a deposit of at least 20% of the purchase price of your home. Any less and you'll need to have Lender's Mortgage Insurance. Lenders Mortgage Insurance covers the bank or the financial institution should you not repay your loan, i.e it's insurance for the lender, not the borrower.

Even without a 20% deposit, you could borrow up to 95% of the purchase price providing you have a savings history.

It helps if you have a good savings history. If you want to borrow more the 80% of the purchase price of the property you'll need to give us a bank statement(s) showing at least 3 months of saving history.

What is a family guarantee?

Occasionally family members or a friend want help with mortgage deposits, using some of the equity in their own house. To find out more about this you can talk to a Home Loan Specialist at ING DIRECT on 1800 199 106.

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