What does 'LVR' mean?
The 'Loan - to - Value - Ratio' or abbreviated to 'LVR' is the percentage of borrowed money to the value of a property.
If you have a deposit of $75,000 (excluding Stamp Duty, which is a Government charge that needs to be paid) and you buy a property valued at $750,000 then you have an 'LVR' of 90%.
This is because you have 10% ($75,000) deposit of the purchase price ($750,000).
If you have less than 80% 'LVR' then often banks will waive 'LMI' (Lenders Mortgage Insurance).
However, if you have 10% or less as a deposit lenders will often require you to take out 'LMI' which is an addtional cost.
Speak to Skyward Financial to see how much you could borrow and calculate your 'LVR'