The deposit you need depends on the type of loan you are taking.
1. Generally, a 20% deposit is required to borrow without mortgage insurance. However, with Lender's Mortgage Insurance you only need a 5% deposit if you've been a Bank of Melbourne customer for at least 6 months, or 10% if you are new to Bank of Melbourne.
2. With Portfolio Loan you will need a deposit of 20% to avoid Lender's Mortgage Insurance. With Lender's Mortgage Insurance, you'll need a deposit of 10%.
The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it's right for you. If you need help, call 13 22 66.