How much deposit do you need for a house in Australia?
The standard answer is 20% — but most Australian lenders accept as little as 5% with Lenders Mortgage Insurance (LMI), and the federal Home Guarantee Scheme can eliminate LMI entirely for eligible first home buyers. The price-specific pages below cover deposit, stamp duty, LMI and total upfront cost for every common property price point.
Choose your price point
Each page shows 5%, 10%, 15% and 20% deposit scenarios with current 2025-26 rates, stamp duty across NSW / VIC / QLD, LMI premiums based on Helia and QBE rate cards, and total upfront cash needed at settlement.
How a deposit works in Australia
In Australia, the "deposit" can mean two different things. The contract deposit is paid at exchange of contracts (usually 10% of the price) and held in the agent's or conveyancer's trust account until settlement. The lender deposit is what determines your Loan-to-Value Ratio (LVR) — depositing 20% means an 80% LVR, which is the threshold above which most lenders charge LMI.
The cheapest path to home ownership is often a 5% deposit through the First Home Guarantee scheme — Housing Australia guarantees the portion of the loan above 80% LVR, so no LMI is charged. Place caps reset each 1 July; income tests and Australian-citizenship requirements apply. Property price caps vary by capital city and region.
What's not in the deposit
The cash you actually need at settlement is more than the deposit. Budget for:
- Stamp duty — varies by state. On a $1M Sydney purchase, around $40,000 for a non-first-home buyer.
- Transfer registration and mortgage registration fees — $300–$400 in most states.
- Conveyancing — $1,000–$2,500.
- Building and pest inspections — $400–$700 each.
- Loan application or settlement fees — $0–$700 depending on the lender.
- LMI — capitalised into the loan in most cases, not paid upfront.
Total upfront cost typically runs 4–6% above the deposit on top of the deposit itself in NSW and Victoria. Use the property purchase cost calculator to model your specific situation.