Understanding Low Equity Fees, and how to buy a home with less than a 20% deposit.

When you’re looking to buy a home with less than a 20% deposit, the banks will charge you a Low Equity Premium, or Low Equity Fee. Recently, the main banks, Westpac, ANZ, ASB, and BNZ aligned the way they charge their fees, which makes things a little easier to understand.

 

ANZ:

BNZ:

Westpac:

ASB:

Across the main banks, this fee is charged as a premium on the interest rate you’ll be paying on your home loan. The way

 

Published by Chuck Slogrove on

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