Our blog post on first home buyer schemes by state covers state grants and stamp duty exemptions on top of these federal schemes. For single parents with at least one dependent, the deposit drops to 2% of the property price. Most lenders will let you capitalise LMI into the loan rather than pay it upfront, but you then pay interest on it for the life of the loan.
The returned Labor government has pledged to expand access to this scheme. Home values vary significantly across Australia, which means your deposit could differ by hundreds of thousands of dollars depending on location. For the median Australian home value of $805,000, this equates to requiring around $161,000 in savings upfront. The only assistance for those in Sydney or Melbourne might be the first home owners grant, but this also operates differently in each state. For example, in NSW it is only a $10,000 grant, while in Tasmania you may be able to receive as much as $30,000. You can get a home loan with no deposit, although the home loan applications process may take more work.
Banks that offer an LMI waiver for professionals include ANZ, NAB and Westpac. LMI is insurance that protects the lender — not you — if you default on your loan. It is charged when your deposit is below 20% of the property value. On a $700,000 purchase with a 10% deposit, LMI can add $12,000 to $18,000 to your costs.
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Generally, a 20% deposit helps you avoid LMI, access better rates, plus it reduces your loan size, meaning less interest charged. But in a rising market, waiting too long could see prices outpace your savings. In some cases, paying LMI may be worth it to enter the market sooner.
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Target Market Determinations for these products are available at nab.com.au/TMD. The deposit is typically paid when the contract of sale is signed. The deposit amount is negotiated between the buyer and the seller and is usually 10% of the purchase price. However, the deposit amount can be negotiated and may be lower or higher depending on the circumstances. It’s important to note that the deposit is non-refundable if the buyer pulls out of the sale without a valid reason.
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- If eligible, government schemes like the First Home Guarantee could simplify this process.
- You typically can’t buy with a 0% deposit unless you have a guarantor who secures the loan with their property.
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- Home buyers should aim for a 20% deposit to secure the best loan rates and terms, but it’s possible to buy a property with a deposit as low as 5%, or even 2% in some situations.
Can you use the First Home Owner Grant as part of your home loan deposit?
LMI is an insurance policy designed to protect the mindep au casino guide australia lender (not you) if you default on your repayments. LMI does not protect your own finances if you lose your job or otherwise can’t keep up with the loan repayments – for that, you’ll need to consider taking out mortgage protection insurance. Borrowers with a larger deposit (20% or more) can often secure a lower home loan rate, and having a higher initial deposit is one factor that may help reduce your risk of mortgage stress. Purchasing a property with a small deposit and a high loan-to-value ratio (LVR) can also put you at risk of negative equity.
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A buying power calculator uses a range of inputs, including your income and liabilities, to estimate what you may be able to borrow from a lender. Combined with your savings, this will help you understand your house price maximum. Same 5% deposit / no LMI structure as the HGS but for regional buyers who’ve lived in or moved to a regional area. If you have a “thin” credit file or recent defaults, a lender may cap your LVR at 80%. This means even if you want to buy with a 5% deposit, the bank might force you to provide 20% to mitigate their risk.
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It allows you to save for a deposit inside your superannuation fund, where it is taxed at a lower rate (15%). We can help you compare the cost of LMI against the cost of waiting another three years to save. The price fluctuates based on your lender, your total loan size, and your Loan-to-Value Ratio (LVR). Many Australian lenders offer low-deposit options starting at 5% to 10%. Your deposit size directly impacts your borrowing costs and loan flexibility. Understanding these tiers helps you choose the most cost-effective path to homeownership.
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While 20% is the recommended deposit, there are low deposit home loans available as well. Saving for an $800,000 home can feel like a mountain to climb. However, with the right strategy, you can cut years off your timeline. Whether you need $40,000 (5%) or $160,000 (20%), here is how to make your money work harder in the 2026 market.
