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First home buyers in Australia don't need 20% deposit - government schemes allow purchases with 5%, and LMI covers the gap for 5–19% deposits at an additional cost.
No. First home buyers can access the First Home Guarantee with just a 5% deposit and no LMI. Without a scheme, 20% avoids LMI. With LMI, you can borrow with 5–10% deposit but pay an insurance premium.
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