General information only — not financial advice. This content is intended as educational guidance. Consult a qualified financial adviser, mortgage broker, or legal professional before making financial decisions. See our full disclaimer.
In Australia, you can technically buy a home with as little as a 5% deposit, but the amount you put down significantly affects your costs:5% deposit: Available via the First Home Guarantee scheme (no LMI) or with LMI (~$25,000–$40,000 on a $750k property)10% deposit: LMI applies
Not directly, but a guarantor loan allows a family member to use their property equity as security, effectively covering your deposit. You don't need your own savings, but the guarantor takes on risk.
It depends on the market. If property prices are rising 5–7% per year, waiting to save an extra $100,000 may cost you more in price increases than the LMI you'd pay now. In flat or falling markets, waiting to avoid LMI can make sense.
Use our free calculator to get personalised results based on your specific situation. No sign-up required.