FREE TOOL — FIRST HOME BUYER DEPOSIT TRACKER
House Deposit Calculator Australia — How Much Do You Need to Save?
Enter your savings and see your exact timeline. Small lifestyle changes shave months off your deposit goal — plus see which grants get you there faster.
5%
Minimum deposit with First Home Guarantee
$50k
Max super via FHSS scheme
4.6 yrs
Average Aussie deposit save time
How Much Deposit Do You Need to Buy a House in Australia?
The answer depends on which path you take. With the federal First Home Guarantee (FHBG) you can buy with 5% and skip Lenders Mortgage Insurance. Without a government scheme most lenders accept 10% (but LMI applies). A full 20% deposit wipes out LMI and unlocks the best interest rates. The table below shows what each looks like in real dollars — and whether LMI is payable.
| Deposit % | On $500K property | On $600K | On $700K | LMI payable? |
|---|
| 5% (FHBG) | $25,000 | $30,000 | $35,000 | No — government guarantee |
| 10% | $50,000 | $60,000 | $70,000 | Yes — $8,000–$15,000 |
| 15% | $75,000 | $90,000 | $105,000 | Yes — $3,000–$6,000 |
| 20% | $100,000 | $120,000 | $140,000 | No |
Whatever deposit size you choose, budget a further 3% to 5% of the property price for buying costs — stamp duty (if you're not fully exempt), conveyancing ($1,500–$3,000), building & pest inspections ($500–$800), and lender application fees. On a $600,000 purchase that's an extra $18,000 to $30,000 in cash on settlement day, on top of the deposit itself. Run stamp duty through the stamp duty calculator and LMI through the LMI calculator before locking in your savings target.
Don't forget the move itself — another $2,000–$5,000 most first home buyers overlook. Factor in professional removalists ($800–$2,500 depending on volume and distance) plus connecting utilities at the new address (electricity, gas, internet — around $300–$600 in setup fees and bonds). These land in the same week as settlement, so your savings buffer needs to cover them on top of the deposit.
How to Save for a House Deposit Faster
Most Australians save for a deposit for 3 to 5 years. These tactics regularly compress that timeline by 12 to 24 months — without lifestyle overhauls:
- Automate savings on payday. The number one predictor of a successful deposit save is an automatic transfer to a separate high-interest account within 24 hours of payday. You save before you spend. Aim for 20–30% of take-home pay.
- Use the First Home Super Saver Scheme (FHSS). Make voluntary super contributions up to $15,000 per year (capped at $50,000 lifetime) and withdraw them for your deposit. The tax saving on a $50K FHSS amount is typically $8,000–$12,000 — that's a free deposit boost the federal government hands you. See how the FHSS scheme works in detail.
- Cut discretionary spending 3–6 months before applying. Lenders look at your last 3 months of bank statements. $200/week of unnecessary Uber Eats, subscriptions and retail spending reduces your borrowing power by roughly $40,000–$50,000. Tightening for 3 months boosts both your deposit and your approval.
- Consider rentvesting. Buy an investment property in an affordable high-growth suburb while continuing to rent where you actually want to live. Rental income + tax deductions + capital growth can outpace saving a deposit in high-cost cities. Read the full strategy in our rentvesting guide.
- Stack the government schemes. Most Australian states let you combine the federal FHBG (5% deposit) or Help to Buy (2% deposit shared equity scheme) with state-level stamp duty exemptions and the First Home Owner Grant. The combined benefit can be $40,000+ of assistance. Check your state at grants and schemes.
One more lever: check what you'd actually need to borrow. Lower the price bracket by $50,000 and your deposit target drops by $5,000–$10,000. Use the borrowing power calculator to see how much you can borrow — and therefore how small a deposit you really need to reach your target price.
Minimum Deposit for a Home Loan Australia 2026
The minimum deposit for a home loan in Australia varies based on which lender and which government scheme you use:
- 2% — Single parents (Family Home Guarantee). Federal government guarantees the remaining 18% so you avoid LMI entirely. Open to eligible single parents with dependent children.
- 5% — First home buyers (First Home Guarantee). 35,000 places per year nationally, income caps apply ($125K single / $200K couple). Most first home buyers qualify.
- 5–10% — Standard high-LVR loan. Available without a scheme but you pay LMI (typically $8K–$15K on a $600K purchase at 10% deposit).
- 10% — Most lenders' minimum baseline. The standard non-scheme minimum across the big four and most credit unions.
- 20% — LMI-free threshold. No Lenders Mortgage Insurance, access to the sharpest interest rates, strongest lender negotiating position.
A broker can match your deposit size to a lender that accepts it on the best terms rather than forcing you to save more. A NestPath vetted broker will look across 30+ lenders and find the one happy to take your deposit — free, no obligation.
If your deposit is below 20% and you're not using a government scheme, understand exactly what LMI will cost you before committing. Run your scenario through the LMI calculator or read our full LMI explainer — for some buyers paying LMI and getting into the market 2 years earlier beats waiting to save 20%.
Not sure which deposit size is right for you?
A NestPath vetted broker will tell you exactly how much deposit you need for YOUR scenario — 5%, 10% or 20% — and match you to a lender that accepts it. No fee, no sales pitch.
House deposit — common questions
Q: How much deposit do I need to buy a house in Australia?
Most buyers need 5% to 20% of the property value. With the First Home Guarantee you can buy with 5% and skip LMI. A 10% deposit is the common standard minimum (LMI applies). A 20% deposit avoids LMI and unlocks the best rates. On a $600,000 property that is roughly $30,000 with FHBG, $60,000 standard, or $120,000 to avoid LMI — plus 3–5% extra for stamp duty and buying costs.
Q: What is the minimum deposit for a home loan?
The minimum is 5% with the federal First Home Guarantee (no LMI) or 2% for single parents under the Family Home Guarantee. Without a scheme, most lenders require 10% (LMI applies). 20% is needed to avoid LMI completely.
Q: Can I buy a house with no deposit?
Not typically. The closest paths are a guarantor loan (where a parent uses equity in their home to cover the gap) or certain professional packages for doctors, lawyers and accountants with strong incomes. Outside those, plan for at least a 5% deposit plus buying costs.
Q: Does my deposit include stamp duty?
No. Your deposit and your buying costs are separate cash requirements at settlement. Budget 3–5% of the purchase price for stamp duty (if not fully exempt), conveyancing, inspections and lender fees, on top of the deposit itself.
Q: How long does it take to save a house deposit?
At $500 per week you can save $50,000 in about 2 years. ABS data shows the Australian average is around 4.6 years. Using the First Home Super Saver Scheme, automating transfers on payday, and cutting discretionary spending by $200/week can compress the timeline by 12–24 months.
This calculator provides estimates only and should not be relied upon for financial decisions. LMI premiums, interest rates and scheme eligibility vary by lender and change over time. NestPath is not a financial adviser — seek independent advice before making financial decisions.