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How much deposit do I need?
Generally speaking, lenders require the borrower to have 20% of the purchase price as a deposit to avoid paying Lenders Mortgage Insurance (LMI) but you can have as little as 5% deposit if you are willing and able to pay the LMI premiums.

You will also need to allow for fees and stamp duties (where applicable) and also have these funds available before getting the loan.

Lenders Mortgage Insurance can be expensive depending on the amount borrowed and the amount of deposit you have. Your Mortgage Broker can give you an estimate of the premium payable.
First Home Buyers
If you are a first home buyer you may be eligible for additional support from the Australian Government through the First Home Owners Grant.

To be eligible you must:
  • be at least 18 years of age
  • be an Australian citizen or permanent resident
  • not have previously received the First Home Owners Scheme grant or have a spouse (or de facto) who has previously received the grant
  • generally not have previously owned and lived in a home, or have a spouse (or de facto) who has previously owned and lived in a home in Australia and
  • live in the home for a continuous period of at least 6 months, commencing within 12 months after completion or settlement.