As a general rule, people aim to save 20% of the property price (excluding other fees). It means you can avoid paying costly Lenders Mortgage Insurance (LMI) and you’ve got a great head start on paying off your loan. If you’ve got 5-10% saved, paying LMI is a small price to pay to crack into the property market. It’s also included in your loan repayments so that it’s spread out over the term of your loan.
Please note: All financial advice is a general guide only and not an indication of your personal circumstances. Please contact a finance professional if you wish to receive tailored advice.