‘Borrowers are now searching for more than $100,000.’
A 20 per cent deposit is on average about 1.5 times the average annual earnings. However, in NSW it is more than double, with the average annual earnings at $95,259 compared to $233,500 for a 20 per cent deposit.
Traditionally, borrowers would aim to put 20 per cent down to avoid paying lenders mortgage insurance. There are options that allow prospective buyers to get approved for a home loan with a smaller deposit. However, Mozo experts warn they have their risks and borrowers should be cautious.
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