How much deposit for a $1.2M house in Australia?
For a $1.2M established property in Australia, a 5% deposit is $60,000 and a 20% deposit is $240,000. Stamp duty, conveyancing, inspections and any lender-quoted LMI are separate. The scenarios below are estimates, not a statement that a lender will accept the deposit or approve the loan.
Deposit scenarios at a glance
Each row shows what you contribute upfront, what the bank lends, the indicative Lenders Mortgage Insurance (LMI) premium for that LVR, and the total loan size including capitalised LMI.
| Scenario | Deposit | Loan | LMI (indicative) | Total loan |
|---|---|---|---|---|
| 5% deposit (95% LVR) | $60,000 | $1,140,000 | $24,510 | $1,164,510 |
| 10% deposit (90% LVR) | $120,000 | $1,080,000 | $11,232 | $1,091,232 |
| 15% deposit (85% LVR) | $180,000 | $1,020,000 | $3,162 | $1,023,162 |
| 20% deposit (80% LVR) | $240,000 | $960,000 | $0 | $960,000 |
LMI uses the same broad planning assumptions as the site's calculator for an owner-occupied house in NSW. Actual premiums can differ materially by lender, insurer, borrower, valuation and property. Obtain the written lender quote before relying on the amount. Run a different LMI scenario.
Stamp duty on a $1.2M purchase by state
Stamp duty (officially "transfer duty") varies sharply by state. The table below uses the calculator's rules checked for 2026-27 for an established residential purchase, with both owner-occupier and first home buyer concessions applied where eligible.
| State | Owner-occupier duty | First home buyer duty | Total charges (with fees) |
|---|---|---|---|
| NSW | $48,187 | $48,187 | $48,552 |
| VIC | $66,000 | $66,000 | $69,042 |
| QLD | $42,350 | $42,350 | $47,595 |
Want WA, SA, TAS, NT or ACT? Run the same scenario through the stamp duty calculator.
Total upfront cost
For a non-first-home owner-occupier in NSW with a 10% deposit, the all-in cash you'll need at settlement is approximately:
- Deposit: $120,000
- Stamp duty + transfer fees (NSW): $48,552
- Conveyancing + building & pest inspections: ~$2,500
- Total: ~$171,052
LMI of $11,232 is typically capitalised (added to the loan balance) rather than paid upfront, so it's not in the cash-to-complete figure above. First home buyers in some states avoid stamp duty entirely below concession thresholds — see the first home buyer guide.
Why this page cannot state the income you need
Income alone does not determine borrowing capacity. Lenders also consider living expenses, dependants, HELP debt, credit limits, other debts, loan term, product features and their own credit policy. APRA's current serviceability setting expects banks to assess mortgages with a 3 percentage point buffer, but that is only one part of a lender's assessment.
For a transparent site estimate based on the assumptions you enter, use the borrowing power calculator — it applies an APRA-style rate buffer and a transparent site living-cost floor. It does not reproduce a lender's HEM, credit policy or approval model and is not an approval.
How to save the deposit faster
The First Home Super Saver Scheme (FHSS) lets first home buyers contribute up to $50,000 of voluntary super contributions toward a deposit, with the released amount taxed at a discounted rate. See our FHSS guide. A separate savings account can make progress easier to track. Lender rules for genuine savings, gifts and account history vary, so confirm the evidence required before applying.