For a property purchased at auction, the selling agent is required to inform bidders what the deposit percentage is — usually 5%-10% of the winning bid price. The contract is signed at the conclusion of the bidding process, and the deposit is usually due on the same day. For the buyer,...
2024, the average house price in Australia is $973,300, according to the Australian Bureau of Statistics. To avoid paying LMI, you’d need to save at least $194,660 for a deposit on a median-priced home — and even more in higher-priced...