This is a loan taken out when purchasing a real estate property. In general, lenders will provide a mortgage of up to 80% of the purchase price of the property. The remaining 20% will then be shouldered by the buyer prior to settlement. When borrowing more than 80% of the property's purchase price, borrowers may be required to pay the Lenders' Mortgage Insurance (LMI), which is paid out to the lender in case the borrower defaults on the loan.

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