House deposit calculator

Calculate your house deposit

How to use Finder's mortgage deposit calculator

Our house deposit calculator has 2 modes: required deposit and current deposit saved.

Required deposit

Select required deposit if you have a rough idea of your property's value and just want a simple way to work out what a 5%, 10% or 20% deposit looks like.

1. Enter your property price (or an estimate).
2. Select your deposit size as a percentage.

Current deposit saved

Select current deposit saved if you've already saved some money and want to work out how much more you'll need.

1. Enter your property price (or an estimate).
2. Select your deposit size as a percentage.
3. Enter how much you've already saved.
4. Enter the timeframe in which you're planning to buy.

How much deposit do you need to buy a house?

You need a deposit worth at least 5% of a property's value to get a loan. But there are other upfront costs too, including stamp duty and legal fees.

And if your deposit is under 20%, you'll also have to pay a lenders mortgage insurance premium (LMI).

How can I calculate my deposit size?

You can use the calculator above to quickly calculate your deposit. But if you're a bit confused about how to start, there are 2 ways to figure out roughly what your deposit should be.

1. Start with your property price. If you have a good idea of your property price you can break this down to a deposit size and loan amount. Or,
2. Start with a deposit size. If you have a rough idea of how much you can save then you can multiply this to work out your property budget.

1. Start with your property price

Many buyers start by working out a rough budget for their property. That is, what's the maximum you can afford to spend on a property?

Note that you'll also be restricted by your borrowing power. That is, the amount lenders will be willing to lend to you based on your income and expenses. You can work out your borrowing power using this calculator.

Here's an example. We've excluded stamp duty and other costs for now.

Working out your deposit for an $800,000 property

2. Start with a deposit size

If you have a good idea of how much you can save for a deposit, then you can use that to calculate the price of the property.

Let's say you've saved $30,000 and think you can save another $20,000 by the time you're planning to buy. Your deposit is $50,000.

📌 Multiply this by 5 to work out your budget with a 20% deposit. That's $250,000.

📌 Multiply this by 10 to work out your budget with a 10% deposit. That's $500,000.

📌 Multiply this by 20 to work out your budget with a 5% deposit. That's $1,000,000.

This also doesn't take into account stamp duty or LMI. And if you bought a $1 million property with just a 5% deposit you'd have to pay around $43,000 in LMI.

How to buy a house with a small deposit

Saving a 20% deposit is a tall order for many first home buyers. Here are some tips to get there and some ways to buy with a smaller deposit:

• Qualify for a home guarantee scheme. The 5% Deposit Scheme and the Regional First Home Buyer Guarantee let eligible buyers purchase homes with 5% deposit. The government backs your loan and you borrow the remaining 95% while avoiding LMI.
• See if a family member can act as a guarantor. If your parents own a property and are willing to act as guarantors, many lenders will approve a home loan with a very small deposit. The catch? Your parents are exposed if you can't repay the loan.
• Get creative (and lucky). Move back in with your parents. See if they'll give you some cash as part of the deposit. Don't forget you can use a first home owners grant to form part of your deposit. Sell something. Look for a government shared equity scheme. It's extremely hard to save a deposit and none of these options may work for you. But one of them might.

Expert insight: How to start saving for your deposit

"Work out what size deposit you need for the type of property you want to buy. It can be helpful to come up with a savings plan and timeline to achieve your goal so you have something to work towards. I recommend first time buyers to keep their savings in a separate bank account so that you resist the urge to spend it."

Susan Mitchell

Former CEO of Mortgage Choice

Need help saving for a deposit? Check out our detailed guide

Frequently asked questions about home loan deposits

• How much deposit do I need for a $700,000 house?

  A 20% deposit for a $700,000 house is $140,000. This means you'd have to borrow the remaining $560,000.

  A 10% deposit is $70,000. A 5% deposit is just $35,000.

• How much deposit do I need for a $1,000,000 house?

  A 20% deposit for a $1 million house would be $200,000. This means you'd have to borrow the remaining $800,000.

  A 10% deposit is $100,000. A 5% deposit is just $50,000.

• Can you buy with a 5% deposit and avoid paying LMI?

  If you're a first home buyer who is eligible for the Australian Government 5% Deposit Scheme, then you could buy a property with just a 5% deposit and skip LMI.

  You can also avoid LMI with a guarantor. If someone guarantees your home loan, you can borrow 95% of a property's value and get LMI waived.

• Are there benefits to having a 20% deposit?

  Aside from avoiding LMI, having at least a 20% deposit has other benefits. It means you borrow less, reducing your loan repayments and interest charges. It means you can build equity in the property faster.

  And some lenders offer lower rates for borrowers with larger deposits, or are more likely to approve your loan application.

• Is 10% enough for a house deposit?

  Let's say you want to buy a $500,000 property. You have $70,000 saved up for you deposit and other buying costs:

  • 10% deposit = $50,000
  • Stamp duty = $16,000
  • Conveyancer fees, removalist, mortgage fees and other costs = $4,000
  • Total = $70,000

  Now that looks good, but with a deposit below 20% you've got to pay LMI too. A quick estimate suggests LMI will cost another $8,400.

  That's a fair bit extra. But saving $8,400 is easier than saving another $50,000 to form a 20% deposit.

• Can I buy a house with a $10,000 deposit?

  If you found a property worth $200,000 then $10,000 would be a 5% deposit. So it's possible.

  But you'd still have to pay LMI and stamp duty on top, which would add several thousand dollars to your costs.

  The hardest part is probably finding a property as cheap as that.

• Is it worth paying LMI to buy a property sooner?

  The extra cost of lenders mortgage insurance varies depending on your property's value and the amount you've saved. Finder has a handy LMI calculator which lets you estimate the LMI payable on different transactions.

  Here are a few example calculations (keep in mind these are only estimates and may not reflect the figure you will be liable to pay):

  House price	5% deposit	LMI estimate
  $450,000	$22,500	$14,300
  $650,000	$32,500	$28,485
  $850,000	$42,500	$37,169

Written by

Richard Whitten

Senior Money Editor

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Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full bio

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