Home Loan Deposit Calculator

Understanding Home Loan Deposits and calculating how much you need in order to get a home loan

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Buying a home is the biggest financial commitment you will make in your life, so it's only natural that you're a little uncertain. One of the biggest concerns people have is often how much money they'll need to put down as a deposit and how they'll be able to get the money.

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As a general rule, your home loan deposit should be 20% of the agreed-upon price of sale. This will be more if you're not planning to live in the house (if you're an investor), possibly as much as 30%. This is just the minimum deposit, though and if you've saved up enough money to put down more than 10% you should really consider doing so. It will help lower your mortgage payments and improve your long-term financial stability.

Lenders Mortgage Insurance

The majority of home loans will incur Lenders Mortgage Insurance for any deposit less than 20%.

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Using the Home Loan Deposit Calculator

An easy way to figure out how much you'll need for a deposit is to use a home loan deposit calculator. A home loan deposit calculator does exactly what you'd expect: it calculates how much money you should expect to need for a deposit, based on a few different factors. It will consider variables like whether you're an owner-occupier, whether you're buying your first home and your total assets. Using the home loan deposit calculator, you'll be able to get a better idea where you stand in your savings plan for buying a home.

Of course, minimum required deposits vary from bank to bank and the amount you come up with using the home loan deposit calculator may not be the exact amount your bank requires you to pay. There are many different factors that banks consider when determining the deposit required on a home mortgage, including your credit history. Also, banks have different standards; your bank might, as a rule, require a 6% deposit from home buyers while another bank might require 5% and another 4.75%. Just as interest rates can vary a little from bank to bank, so can minimum deposit requirements.

Saving Up for Your Deposit

The important thing is to not get too worried about the minimum deposit amount you find using the home loan deposit calculator. If you've made a savings plan and are following it as best as you can, you will then be able to save up the amount needed. Stick to the plan and you'll see your deposits grow and your accounts come closer and closer to the amount the home loan deposit calculator says you should have.

Banks are also becoming a little creative in how they figure out the deposit. If you live in an apartment, your monthly rental expenses might be considered as part of the deposit (if you pay them on time and regularly). This is because a deposit isn't just about getting money up front: it's also about making sure that you're serious about buying a house and that you have the discipline to make your loan payments on time. Paying rent regularly and in full shows that you do have discipline and when added to a good savings plan, it shows how serious you are about buying your home.

As you can see, no matter how much the home loan deposit calculator shows you need, there's a way to get there.

Compare the latest home loan offers

Data indicated here is updated regularly
$
years
Name Product Interest Rate (p.a.) Comp. Rate^ Application Fee Ongoing Fees Max LVR Monthly Payment
Westpac Flexi First Option Home Loan
2.29%
2.72%
$0
$8 monthly ($96 p.a.)
95%
$577.55
Up to $3,000 refinance cashback.
A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.
St.George Basic Home Loan
2.54%
2.56%
$0
$0 p.a.
80%
$596.91
Up to $4,000 refinance cashback. With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up $4,000 cashback and borrow up to 80% of the property's value. (Terms, conditions & exclusions apply).
Macquarie Bank Basic Home Loan
2.49%
2.49%
$0
$0 p.a.
60%
$593.01
A competitive variable rate home loan for owner-occupiers. Requires a 40% deposit.
UBank UHomeLoan Variable Rate
2.34%
2.34%
$0
$0 p.a.
80%
$581.39
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
HSBC Fixed Rate Home Loan
1.88%
2.98%
$0
$0 p.a.
80%
$546.6
Lock in a competitive fixed rate for 2 years and buy your home with a 20% deposit.
Athena Variable Home  Loan
2.19%
2.19%
$0
$0 p.a.
60%
$569.91
Owner occupiers with 40% deposits or equity can get this competitive variable rate loan. No upfront or ongoing fees.
Suncorp Back to Basics Home Loan
2.54%
2.55%
$0
$0 p.a.
80%
$596.91
A competitive variable interest rate loan with low fees. The establishment fee is waived if you borrow $150,000 or more.
Well Home Loans Balanced Fixed Home Loan
1.94%
2.18%
$250
$0 p.a.
90%
$551.07
Owner occupiers can get a sharp fixed rate for the first year, plus an offset account. Available with a 10% deposit.
Suncorp Home Package Plus Fixed
1.89%
2.94%
$0
$0 p.a.
80%
$547.35
Lock in a low fixed rate loan for two years and get the annual package fee waived in the first year. Available for borrowers with 20% deposits.
UBank UHomeLoan Fixed
1.95%
2.27%
$0
$0 p.a.
80%
$551.82
A competitive fixed interest rate loan with no ongoing fees. Requires a 20% deposit.
St.George Fixed Rate Advantage Package
2.09%
3.46%
$0
$395 p.a.
95%
$562.33
Lock in a low fixed rate for the first two years. Refinancers borrowing $250,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
Westpac Fixed Option Home Loan Premier Advantage Package
2.09%
3.5%
$0
$395 p.a.
95%
$562.33
Up to $3,000 refinance cashback.
Competitive fixed rate home loan. Eligible borrowers refinancing $250,000 or more can get up to $3,000 cashback. Other conditions apply.
HSBC Home Value Loan
2.59%
2.6%
$0
$0 p.a.
80%
$600.83
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.
homeloans.com.au Low Rate Home Loan with Offset
2.14%
2.16%
$0
$0 p.a.
60%
$566.11
A competitive rate with no application or ongoing fee. This loan is not available for construction.
Well Home Loans Balanced Variable
2.17%
2.2%
$250
$0 p.a.
80%
$568.39
A very low interest rate for home buyers with 20% deposits saved. Add an offset account for a small fee. This special discount rate is available for new borrowers who apply and get approved by 30 November 2020. Not available for construction purposes.
Virgin Money Reward Me Fixed Rate Home Loan
2.04%
2.79%
$300
$10 monthly ($120 p.a.)
80%
$558.56
$3,000 refinance cashback.
Buy your home and lock in a low rate for the first two years. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 30 November 2020 and settle by 23 April 2021.
Macquarie Bank Offset Home Loan Package
2.49%
2.76%
$0
$0 p.a.
60%
$593.01
A sharp variable rate with low fees for borrowers with 40% deposits or refinancers with equity in their properties.
homeloans.com.au Low Rate Home Loan with Offset
2.24%
2.26%
$0
$0 p.a.
90%
$573.72
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments. This loan is not available for construction.
Macquarie Bank Basic Fixed Home Loan
2.19%
2.53%
$0
$0 p.a.
80%
$569.91
Borrow up to $750,000 with this basic 3 years fixed rate home loan.
St.George Basic Home Loan
2.59%
2.61%
$0
$0 p.a.
90%
$600.83
Up to $4,000 refinance cashback.
With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up $4,000 cashback and borrow up to 90% of the property's value. (Terms, conditions & exclusions apply).
Well Home Loans Balanced Fixed Home Loan
2.04%
2.17%
$250
$0 p.a.
90%
$558.56
A low 3 year fixed rate for home buyers. Add a 100% offset account with a $10 monthly fee. Not available for construction purposes.
Bank of Melbourne Basic Home Loan
2.54%
2.56%
$0
$0 p.a.
80%
$596.91
Up to $4,000 refinance cashback
A competitive variable rate loan from Bank of Melbourne. Refinancers borrowing $250,000 or more can get $4,000 cashback (Other terms, conditions and exclusions apply).
Athena Variable Home  Loan
2.24%
2.21%
$0
$0 p.a.
70%
$573.72
A low variable rate for owner occupiers with 30% deposits. No upfront or ongoing fees.
UBank UHomeLoan Fixed
2.14%
2.35%
$0
$0 p.a.
80%
$566.11
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.
Bank of Melbourne Advantage Package Fixed Home Loan
2.09%
3.46%
$0
$395 p.a.
95%
$562.33
Competitive fixed rate loan. Refinancers borrowing $250,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
BankSA Basic Home Loan
2.54%
2.56%
$0
$0 p.a.
80%
$596.91
Up to $4,000 refinance cashback
A competitive variable rate loan from BankSA. Refinancers borrowing $200,000 or more can get a $4,000 cashback (Other terms, conditions and exclusions apply).
Westpac Fixed Option Home Loan Premier Advantage Package
1.99%
3.29%
$0
$395 p.a.
95%
$554.81
Up to $3,000 refinance cashback. Lock in a very low rate for four years with this owner occupier loan. You will need a 30% deposit or equity to get this loan. Eligible borrowers refinancing $250,000 or more can get up to $3,000 cashback. Other conditions apply.
St.George Fixed Rate Advantage Package
1.94%
3.21%
$0
$395 p.a.
80%
$551.07
A competitive fixed rate loan. Refinancers borrowing $250,000 or more can get a $4,000 cashback (Other terms, conditions and exclusions apply).
Bank of Melbourne Advantage Package Fixed Home Loan
1.94%
3.21%
$0
$395 p.a.
80%
$551.07
A competitive fixed rate loan. Refinancers borrowing $250,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
BankSA Advantage Package Fixed Home Loan
1.99%
3.26%
$0
$395 p.a.
95%
$554.81
A competitive fixed rate loan. Refinancers borrowing $200,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
homeloans.com.au Low Rate Home Loan with Offset
2.59%
2.61%
$0
$0 p.a.
90%
$600.83
Save on interest with a free 100% offset account and buy your property with just a 10% deposit. This loan is not available for construction.
CUA Achieve Variable Home Loan
2.55%
2.6%
$600
$0 p.a.
95%
$597.7
Home buyers can get a competitive, low-fee variable rate plus a 100% offset account. Low deposit option available. Eligible new home buyers with low deposits can apply for the First Home Loan Deposit Scheme with this lender and avoid LMI costs.Eligible refinancers can get a $2,000 pre-paid credit card when they switch to CUA.
Well Home Loans Balanced Fixed Home Loan
1.99%
2.17%
$250
$0 p.a.
90%
$554.81
A low fixed mortgage with an optional 100% offset account. Not available for construction purposes.
Athena Variable Home  Loan
2.29%
2.23%
$0
$0 p.a.
80%
$577.55
A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.
Well Home Loans Balanced Variable
2.52%
2.55%
$250
$0 p.a.
90%
$595.35
A very low variable interest rate for borrowers with a 10% deposit. Add a 100% offset account for $10 a month. Not available for construction purposes.
Virgin Money Reward Me Variable Home Loan
2.59%
2.76%
$300
$10 monthly ($120 p.a.)
60%
$600.83
$3,000 refinance cashback.
A variable rate loan for owner occupiers with a 40% deposit (or equity) borrowing under $500,000. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 30 November 2020 and settle by 23 April 2021.
BankSA Advantage Package Fixed Home Loan
2.09%
3.46%
$0
$395 p.a.
80%
$562.33
Competitive fixed rate loan. Refinancers borrowing $200,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
Athena Variable Home  Loan
2.54%
2.54%
$0
$0 p.a.
60%
$596.91
Investors with large 40% deposits or equity can get this low variable rate. A competitive option for investors looking to refinance.
UBank UHomeLoan Variable Rate
2.74%
2.74%
$0
$0 p.a.
80%
$612.67
Get a discounted, low-fee investor loan from a convenient online lender. 20% deposit required.
Macquarie Bank Basic Fixed Home Loan
2.09%
2.43%
$0
$0 p.a.
70%
$562.33
Get a low interest rate and a mortgage with flexible, basic features. No application or ongoing fees. Requires a 30% deposit.
Athena Variable Home  Loan
2.59%
2.56%
$0
$0 p.a.
70%
$600.83
Athena's refinance offer for investors and owner occupiers.
UBank UHomeLoan Fixed
2.29%
2.65%
$0
$0 p.a.
80%
$577.55
Pay no ongoing fees on this investment loan fixed for 3 years.
Athena Variable Home  Loan
2.64%
2.59%
$0
$0 p.a.
80%
$604.76
A competitive investor variable rate that falls as you build equity.
HSBC Home Value Loan
2.64%
2.65%
$0
$0 p.a.
90%
$604.76
A competitive value home loan with no ongoing fee.
Macquarie Bank Basic Home Loan
2.64%
2.64%
$0
$0 p.a.
80%
$604.76
Pay no application and ongoing fees and take advantage of split and redraw options.
Athena Variable Home  Loan
2.84%
2.68%
$0
$0 p.a.
80%
$620.63
A competitive interest-only investor rate with no application or ongoing fees. Requires a 20% deposit.
Athena Variable Home  Loan
2.84%
2.46%
$0
$0 p.a.
80%
$620.63
Owner occupiers can refinance to one of the most competitive interest-only rates in the market. No application fee and no ongoing fees.
AMP Bank Essential Home Loan
3.34%
3.37%
$0
$0 p.a.
90%
$661.31
For a limited time, pay no application or settlement fees. You can also take advantage of a free redraw facility.
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Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up $4,000 cashback and borrow up to 90% of the property's value. (Terms, conditions & exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)

Get a competitive variable interest rate with no application fee or ongoing fees.

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4 Responses

    Default Gravatar
    PaulMay 6, 2015

    How much deposit do I need to borrow $280k to purchase a home and I have personal debit in credit card of around $18k? And what`s my chances? If I have the deposit that is or should I just pay the credit card off?

      Avatarfinder Customer Care
      MarcMay 7, 2015Staff

      Hi Paul,
      thanks for the question.

      The amount of deposit you’ll need for a property will depend on the specific home loan you choose to go with. Many lenders will require a minimum of 20% deposit without charging you LMI fees. If you’re willing to pay LMI fees, the minimum can be from 5% – 10%.

      When approving your home loan application a lender will look at all the factors of your application: your credit file, existing loans and debt, your income, and the property you’re buying.

      I hope this helps,
      Marc.

    Default Gravatar
    paulDecember 20, 2014

    To work out deposit needed do I calculate the
    Lvr for the loan

      Avatarfinder Customer Care
      ShirleyDecember 22, 2014Staff

      Hi Paul,

      Thanks for your question.

      To work out the deposit you’ll need to know the maximum LVR offered on the loan. For example, if the maximum LVR is 95% then your deposit will need to be around 5%.

      Similarly if the maximum LVR is 80% then a deposit of 20% is required.

      Cheers,
      Shirley

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