How Much Deposit Do You Need to Buy a House in Australia?

If you’re thinking about purchasing property, one of the first questions that comes to mind is: how much deposit do I need to buy a house in Australia? While there’s no one-size-fits-all answer, understanding the basics of deposit requirements can help you plan and prepare with confidence.

Let’s break it down so you know what to expect—and how to put your best foot forward as a buyer.

What Is a House Deposit?

A house deposit is the upfront amount you contribute towards the purchase price of a property. The rest of the funds are typically borrowed from a lender as a home loan. The size of your deposit plays a big role in what type of loan you can get, the interest rate you’ll be offered, and whether you’ll need to pay Lenders Mortgage Insurance (LMI).

How Much Deposit Do I Need for a House?

In most cases, lenders prefer a deposit of at least 20% of the property’s purchase price. So, if you’re buying a home for $600,000, a 20% deposit would be $120,000.

That said, it’s possible to get a loan with a smaller deposit—sometimes as low as 5%. But smaller deposits often come with extra conditions, such as:

• Lenders Mortgage Insurance (LMI)
• Stricter lending criteria
• Fewer loan product options
• Higher interest rates

What If I Don’t Have a 20% Deposit?

Plenty of Australians buy homes with less than 20%. If you’re asking, “how much do you need for a house deposit” and you’re a first home buyer, you might be eligible for support through government initiatives like the First Home Guarantee or the First Home Super Saver Scheme.

The First Home Buyers Gold Coast team at Go Mortgage can help you understand what support you may qualify for—and how much you really need upfront.

In some cases, a guarantor loan (where a family member secures part of your loan with their own property) can also help you enter the market sooner without a full 20% deposit.

What Other Costs Should You Plan For?

In addition to your deposit, there are other costs to budget for, such as:

• Stamp duty (may be discounted for eligible first home buyers)
• Conveyancing and legal fees
• Building and pest inspections
• Loan application and settlement fees
• Moving costs and insurances

A clear understanding of all costs can help you avoid surprises and set realistic savings goals.

How Much Deposit Do You Really Need to Buy a Home?

So, how much deposit do you need to buy a house in Australia? Ideally 20%, but many buyers successfully enter the market with less—especially when guided by experienced mortgage professionals.

At Go Mortgage, we work with first-time and seasoned buyers to find the right home loan and deposit strategy for their situation. Whether you’re planning to buy now or saving for later, we’ll help you make a confident, informed start.

Start Your Home Buying Journey with Confidence

Still wondering “how much deposit do I need for a house”? Let’s work it out together. At Go Mortgage, we’ll help you understand your options, maximise any available government support, and match you with a home loan that suits your budget and goals.

Book your free consultation today and take the first step toward owning your own home—on your terms.