Buying your first place
How long until you have a deposit?
Figures are estimates only and are not financial advice.
The 5% Deposit Scheme
Eligible first home buyers can buy with a 5% deposit and skip lenders mortgage insurance, up to a price cap for each area. Check the current caps on the official First Home Buyers website.
Lenders mortgage insurance
Under a 20% deposit, most banks add LMI to protect themselves. It can cost tens of thousands and is usually added to the loan.
Stamp duty
Each state charges its own transfer duty, with concessions for first home buyers. Your state revenue office has a calculator for the exact figure.