Banks love a good acronym. Here are three you’ll come across on your home buyer Show Content
Banks love a good acronym. Here are three you’ll come across on your home buyer journey:
LVR: Loan to Value Ratio is how much you’re borrowing compared to the value of the property (and accounting for all fees and taxes). An LVR of 80%, for instance, means you have a 20% deposit to contribute to the purchase once you’ve paid Stamp Duty and other costs.
LMI: Lenders Mortgage Insurance is what protects the bank on the off-chance you default on your loan before you’ve had a chance to build up your equity. Generally you’ll have to take out this insurance if you have a smaller-than-usual deposit (as you’ll be considered a bigger risk).
SVR: Standard Variable Rate is the interest rate of a lender’s ‘standard’ home loan. These loan products usually include a lot of bells and whistles, and so will be more expensive than a basic variable loan.
Any questions on home loan jargon? Send us a DM.
📞 0402 413 917
💻
#cjgfinance #mortgagebroking #homeowner #investment #property #mortgagebroker #mortgage #homeloan #firsthome #refinance #investors #broker #sunshinecoast #sunshinecoastproperty #sunshinecoastrealestate #sunshinecoastbroker #mountaincreek #mountaincreekproperty #mountaincreekrealestate #mooloolaba #mooloolabarealestate #mooloolabaproperty #brisbane #brisbaneproperty #brisbanerealestate #qld #qldproperty #qldrealestate