How Much Deposit Do I Need

The Deposit is worked out on the purchase price of the property. Generally you require a 20% deposit. With the 2020-2021 First Home Loan Deposit Scheme, eligible first home buyers can purchase a modest home with a deposit of as little as 5% (lenders criteria apply). This is because the National Housing Finance and Investment Corporation (NHFIC) guarantees to a participating lender up to 15% of the value of the property purchased.  Normally, working out how much deposit you need is based on your individual circumstances.

Planning ahead can help you save for a deposit

  • Set your goals
  • Set up a budget planner and stick to it
  • Be money smart
  • Get rid of all unnecessary debt
  • Save
  • Live with your parents
  • Make use of homeowner grants
  • Get a second source of income


Join the team at ‘You First®’ for an ‘Hour of Power®’ to set up a budget planner, review your current situation and goals, and plan strategy to get into your first home sooner