How much deposit for a $1.5M house in Australia?
For a $1.5M property in Australia, expect to need between $75,000 (5% deposit, with LMI) and $300,000 (20% deposit, no LMI) — plus stamp duty, conveyancing, and inspection costs. The numbers below cover all four standard deposit scenarios with current 2025-26 rates.
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) | $75,000 | $1,425,000 | $57,000 | $1,482,000 |
| 10% deposit (90% LVR) | $150,000 | $1,350,000 | $27,000 | $1,377,000 |
| 15% deposit (85% LVR) | $225,000 | $1,275,000 | $10,838 | $1,285,838 |
| 20% deposit (80% LVR) | $300,000 | $1,200,000 | $0 | $1,200,000 |
LMI estimates are indicative grids based on Helia / QBE published rate cards. Actual premiums vary by lender and loan size. The First Home Guarantee scheme can eliminate LMI for eligible buyers — see the LMI calculator.
Stamp duty on a $1.5M purchase by state
Stamp duty (officially "transfer duty") varies sharply by state. The table below shows current 2025-26 rates 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 | $63,787 | $63,787 | $64,152 |
| VIC | $82,500 | $82,500 | $86,243 |
| QLD | $59,600 | $59,600 | $66,242 |
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: $150,000
- Stamp duty + transfer fees (NSW): $64,152
- Conveyancing + building & pest inspections: ~$2,500
- Total: ~$216,652
LMI of $27,000 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.
What income do you need?
Lenders assess serviceability at the contracted rate plus APRA's 3% buffer. As a rough guide for a $1.5M property with a 20% deposit (so a $1,200,000 loan):
- Single applicant, no dependants, no other debts: combined gross income around $240,000 minimum.
- Couple, two children, average expenses: combined gross income around $300,000.
- Add ~$10,000 of income headroom for every $5,000 of credit card limits or HECS debt.
For a personalised number tailored to your salary, expenses, and existing debts, 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.
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 high-interest savings account paired with the FHSS scheme is the standard accelerated path. Genuine savings rules require lenders to see at least 5% saved over 3+ months — gifted deposits often need supplementary income verification.