Mickeygreen,I believe it works this way to the...

Mickeygreen,

I believe it works this way to the calculations

research comparing loans all products are around 85% LVR
those that are higher have higher interest rates with no offset or redraw facility. Inflexable higher interest loans from banks that don't drop rates in line with the RBA

ANZ offers max 90% as of 1/12/08

so you still need $40K + LMI + app fee of your own money

say 45K.

First home buyer grant of 17 K is swallowed by stamp duty 21K + transfer fee and stamp duty on loan. Then you get 1k rebate for being a first home buyer

18K gov credit
22K gov debit
45K deposit

You need 49K on a 90% LVR 400K loan

to avoid LMI you need a 80% LVR

by having another 40K you save 7K on LMI