Deposit Gap
Loans

Saving for a 20% house deposit? We’ll help you fund the gap.

Most lenders require you to have a mortgage deposit of 20%. Without it, you’ll need lender’s mortgage insurance (LMI) - this insures the bank, not you. What if there was a better option?

Q. What are the benefits of a Deposit Gap Loan?

A. Deposit Gap Loan (DGL) fees are up to 90% cheaper than LMI premiums. If you were to buy a $700,000 home with $70,000 savings and the remaining deposit gap replaced by a LMI premium, it could cost you as much as $29,200 over the term of the loan. Alternatively, by choosing a DGL, you could save $25,900 of that cost.

Q. Will banks and lenders accept a Deposit Gap Loan?

A. When assessing your application, lenders have two primary considerations: your ability to service mortgage repayments, and your ‘funds to complete’ the purchase (that’s 20% of the purchase price).

A Deposit Gap Loan can improve serviceability when compared to LMI.

Enter your details to find out how much you could save with a Deposit Gap Loan

Backed by

An ASX top 300 company, Genworth is Australia’s leading provider of Lender’s Mortgage Insurance to lenders such as Commonwealth Bank. Commited to helping more people get into home ownership sooner, it’s Genworth who are making Deposit Gap Loans possible. Together, we are putting home ownership back in reach of even more Australians.

Visit Genworth.com.au for more information.