Hi, I'm a first home buyer and want to know how much I can borrow without paying for mortgage insurance?

Hi Carly,

You can typically borrow up to 80% of the value of the property without mortgage insurance.

A finance broker maybe able to stretch that a little further for you but 80% is a rule of thumb.

Typically lots of finance brokers respond on here so perhaps reach out to one of them.

Regards
James

Hi Carly,
As James said, the basic rule of thumb is 80% however there are ways to avoid paying it. With products such as a family guarantee, you borrow the amount you need (as long as you can service the loan repayments) and your family member provides a guarantee for the amount of the loan that is above 80%. There are obviously risks involved and you and the family member should get very specific advice before entering into a guarantee arrangement. They work very well for some people.
Best of luck
Regards
Scott

Hi Carly,
I'm in Brisbane, so would be able to see you if you needed.

But generally, 80% is your limit without LMI, if you're in an approved industry or profession, you can get up to 90%.

Cheers,
Simon