How useless is a 5% deposit on a home loan?
Where I live, there would not be any reasonable home under $3,000,000. If you borrow 95%, you owe $2,850,000 & the interest on that at an average home loan rate of 5.85% would be $13,893.75 per month & that does not include paying off any of the principal.
Not many people could afford repayments of around $17,000 per month.
How useless is a 5% deposit on a home loan?Where I live, there...
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