How Much Deposit Do You Need To Buy A House

The FHSSS is arguably the most powerful tool for Australian first-home buyers. It allows you to save for a deposit inside your superannuation fund, where it is taxed at a lower rate (15%). In reality, it directly reduces your “effective” borrowing power if you add it to your loan balance. This means buyers need to have their deposit ready, home loan formally approved, and funds allocated for stamp duty and legal fees.

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If you want to open a Term Deposit account for more than $5,000,000, or prefer to open an account in person, you can book an appointment at your nearest branch. If visiting a branch to open a joint Term Deposit account, all joint account holders will need to attend together. Check which documents you’ll need to bring before your appointment in the section. We may count 100% of your overtime and allowances to improve borrowing power and for medical practitioners, help you get into a home with a smaller deposit. Usually, 20% of the full value of the house is a good amount to aim for as a deposit.

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On a $600,000 home with a 5% deposit ($30,000), expect roughly $25,000 to $31,000. The 5% Deposit Scheme removes LMI altogether, because the government covers the gap to the lender instead. At 5%, $10,000 covers about a $200,000 purchase, which is below most capital-city prices. You need a minimum of 2% to 5% of the purchase price, depending on the path. Through a government scheme like the 5% Deposit Scheme (formerly the First Home Guarantee) you can buy with 5% and pay no LMI; through the Family Home Guarantee, just 2%.

What is LMI and how much does it cost?

Buyers should understand the complete payment schedule ahead of signing anything and ensure it aligns with what their lender is prepared to offer. Therefore, it’s crucial to understand the advantages and disadvantages of choosing an existing property versus a brand-new or off-the-plan (OTP) home, especially regarding deposits. Many first-home buyers might not realise low deposit gambling options that the type of home they purchase affects when and how their deposit is paid.

How LMI Impacts Your Borrowing Power

To see what you can realistically afford in your city, calculate your borrowing power. For a $600,000 house, a 5% deposit is $30,000, a 10% deposit is $60,000, and a 20% deposit (no LMI) is $120,000. The deposit is always a percentage of the purchase price, so the dollar figure scales straight up with the price of the home. You can’t apply directly to Housing Australia – only through a Participating Lender as part of a home loan application.

HECS debt doesn’t change the size of the deposit you need, but it significantly impacts your borrowing power. Because HECS repayments are deducted from your salary, banks see you as having less “disposable income” to pay a mortgage. In 2026, many lenders will ignore HECS debt in their calculations only if the balance is under $5,000 or nearly paid off. Buying a home with a small deposit is the fastest way to stop paying rent, but it isn’t without its challenges.

Even if you receive a large cash gift for your deposit, most lenders still require you to show at least 5% of the purchase price in funds you saved yourself. However, you can skip it if you are an eligible medical, legal, or accounting professional. In 2026, many banks also offer LMI waivers for Nurses and Midwives with a 10% deposit, potentially saving you over $20,000 upfront. In Australia, most lenders require a deposit between 5% and 20% of the purchase price. While a 5% deposit gets you into the market sooner, a 20% deposit offers major financial perks. The features that come with the account, such as access to ATMs, online banking, or customer service options, may also influence the deposit amount.

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• If your LMI premium pushes you over this limit, the bank may force you to reduce your loan amount.
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How much deposit do you need to buy a house?

A 20% deposit on the median capital-city home in early 2026 ran from about $165,000 in Melbourne to roughly $259,000 in Sydney (Cotality, February 2026). But first home buyers rarely buy the median or save 20%; using the 5% Deposit Scheme, the deposit you actually need is 5% of an entry-level home, often $30,000 to $50,000. These are median homes across the whole city; entry-level and outer-suburb places sit well below them, and that’s where most first home buyers actually buy. And the median isn’t the same as the 5% Deposit Scheme price cap in every state any more. In Perth, for instance, the median has pushed past the $850,000 WA cap, so a median Perth home no longer fits the 5% scheme (more on that below).

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• Understanding these tiers helps you choose the most cost-effective path to homeownership.
• Which is why mortgage broker and Port Finance Group director Anthony McDonald says you need to factor in these increases when making a decision about when and how much to borrow.

Summary of Total Upfront Cash Needed ($800,000 Home)

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Lock-in a competitive interest rate from as short as 1 month to as long as 5 years. This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice. If the bank is lending you anything more than 80% LVR, you’ll generally need Lenders Mortgage Insurance. There are a number of ways the government can assist with buying a home. The medians below are houses-and-units combined (dwelling values) from the Cotality Home Value Index, February 2026 release.

Our borrowing power calculator shows your real budget in a couple of minutes. These are the schemes that directly cut the deposit you need, or the cash you bring to settlement. The list usually includes doctors, dentists, specialists, pharmacists, optometrists, solicitors, barristers, accountants and engineers. Some lenders extend waivers to nurses, teachers, police and other emergency services workers, though eligibility varies.

Any tax information described is general in nature and it is not tax advice or a guide to tax laws. We recommend you seek independent, professional tax advice applicable to your personal circumstances. Find out more about the potential costs you need to consider when buying a home. For those with deposits less than 20% of the property’s value, Lenders Mortgage Insurance can help you. For example, a loan of $400,000 to buy a property worth $500,000 results in a loan to value ratio of 80%.