Gone are the days of carelessly stamping home loan application forms without the forensic scrutiny of expenses. Now, banks want to know exactly what you’re spending your money on – right down to your daily morning latte.
Buying a property without a chunky deposit could see you whacked with the oft-dreaded cost of lenders mortgage insurance. But in a different sense, the time it takes to save up the deposit could also cost you.
In the home loan market, a common term you may hear is loan-to-value ratio, or LVR. We explain exactly what it is and how it can affect your home loan interest rate.