For most lenders, you'll need at least a 5–10% deposit. If you have less than 20%, you'll typically need to pay Lenders Mortgage Insurance (LMI). However, government schemes like the First Home Guarantee can help you avoid LMI with as little as 5% deposit.
A variable rate moves up or down with the market — when the RBA cash rate changes, your repayments typically follow. A fixed rate locks in your interest rate for a set term (usually 1–5 years), giving you certainty over your repayments regardless of market movements. Each has its advantages depending on your situation and risk appetite.
From initial conversation to pre-approval, typically 3–5 business days. Full settlement usually takes 4–6 weeks depending on the lender and property. We'll keep you updated every step of the way.