How much deposit do I need to get a home loan?

In Australia, most lenders ask for a deposit of at least 5% to 20% of the property’s value to get a home loan. The exact amount depends on your chosen lender, your financial situation, and the type of loan you want.

For example, if you are buying a property worth $600,000, you may need a deposit of at least $30,000 (5%) but ideally $120,000 (20%) to access more loan options and better rates. If your deposit is less than 20%, you might need to pay Lenders Mortgage Insurance (LMI), which protects the lender if you cannot repay the loan.

This extra cost is added to your loan or paid upfront. Saving a larger deposit can mean lower repayments, more choice in lenders, and a better chance of approval.

However, some lenders have options for low-deposit home loans, especially if you are a first home buyer or qualify for government schemes.

At GetMyLending, we can help you work out how much deposit you need for your situation and connect you with lenders who fit your needs. If you are unsure where to start, reach out to our team for personalised advice that makes the process easy.