How much home loan deposit do I need?

The deposit amount required varies on the situation. The absolute lowest requirement is 5%, subject to bank’s lending criteria. Typically though, the lowest accepted deposit is 10%.

For those who qualify for the First Home Loan Deposit Scheme (FHDLS) (check out our calculator to find out), you will be exempt from Lender’s Mortgage Insurance (LMI).

For non-first-home loans or loans for investment properties, LMI must be paid when the deposit is less than 20% of the home value. Therefore, for these types of home loans, it’s suggested that you gather a deposit of at least 20% so that you can avoid LMI costs.