House deposit calculator – how much do you need?

Wondering 'How much deposit do I need to buy a house?' Calculator estimates can give you an idea of your target deposit in just a few minutes.

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Using a mortgage deposit calculator can help you plan your journey ahead for buying a property. One of the biggest questions people have is 'How much deposit do i need to buy a house?' Calculator estimates can give you a good idea of the amount and help you plan your next steps.

Calculate your savings

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%.

information on Lenders Mortgage Insurance

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 15a% deposit from home buyers while another bank might require 10% and another 20%. Just as interest rates can vary a little from bank to bank, so can minimum deposit requirements.

Saving up for your home loan 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

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years
Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Fees Monthly Payment

Nano Variable Home Loans P&IHome≥ 25% Deposit Refi Only

Nano Variable Home Loans
1.99%
1.99%
  • App: $0
  • Ongoing: $0 p.a.
$555
Switch to this competitive variable rate with zero fees. Requires a 25% deposit.

UBank UHomeLoan Fixed P&IHome 1Y Fixed≥ 20% Deposit

UBank UHomeLoan Fixed
1.79%
2.18%
  • App: $0
  • Ongoing: $0 p.a.
$540
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.

HSBC Fixed Rate Home Loan Package P&IHome 2Y Fixed≥ 20% Deposit

HSBC Fixed Rate Home Loan Package
1.88%
2.87%
  • App: $0
  • Ongoing: $390 p.a.
$547
$3,288 refinance cashback offer
Lock in a low fixed rate for 2 years and buy your home with a 20% deposit. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.

loans.com.au Smart Booster Discount Variable Home Loan P&IHome≥ 20% Deposit

loans.com.au Smart Booster Discount Variable Home Loan
1.85%
2.21%
  • App: $0
  • Ongoing: $0 p.a.
$545
Get a low discounted variable rate loan. Requires a 20% deposit. Get your loan processed fast and settle within 30 days.

Suncorp Home Package Plus Fixed P&IHome 2Y Fixed≥ 20% Deposit

Suncorp Home Package Plus Fixed
1.89%
2.85%
  • App: $0
  • Ongoing: $0 p.a.
$548
$3,000 refinance cash bonus
Lock in a low fixed rate for 2 years. Available with a 20% deposit. Eligible new borrowers can get the annual package fee reimbursed for the life of the loan. $3,000 refinance cash bonus for eligible borrowers. Other terms, conditions and eligibility criteria apply.

Athena Variable Home Loan P&IHome≥ 40% Deposit

Athena Variable Home  Loan
1.99%
1.99%
  • App: $0
  • Ongoing: $0 p.a.
$555
Owner occupiers with 40% deposits or equity can get this competitive variable rate loan. No upfront or ongoing fees.

Westpac Flexi First Option Home Loan P&IHome≥ 5% Deposit

Westpac Flexi First Option Home Loan
2.09%
2.52%
  • App: $0
  • Ongoing: $0 per month
$563
$3,000 refinance cashback
A flexible and competitive variable rate loan. Available to owner occupiers on principal and interest loans. $3,000 cashback for eligible refinancers. Apply by 30 November 2021. Terms and conditions apply.

IMB Fixed Rate Home Loan P&IHome 2Y Fixed≥ 5% Deposit

IMB Fixed Rate Home Loan
1.97%
2.88%
  • App: $449
  • Ongoing: $6 per month
$554
NSW and ACT customers only. Lock in a low fixed rate for two years. Available with a 5% deposit.

St.George Fixed Rate Home Loan with Advantage Package P&IHome 2Y Fixed≥ 20% Deposit

St.George Fixed Rate Home Loan with  Advantage Package
1.84%
3.38%
  • App: $0
  • Ongoing: $395 p.a.
$544
$3,000 refinance cashback
Borrowers with 20% deposits or equity can get this competitive fixed rate loan. Refinancers borrowing $250,000 or more can get a $3,000 cashback (Apply by 30 November 2021. Terms and conditions apply). Refinancers Only.

Well Home Loans Equity Plus P&IHome≥ 40% Deposit

Well Home Loans Equity Plus
1.87%
1.90%
  • App: $250
  • Ongoing: $0 p.a.
$546
Borrowers with 40% deposits or equity can get this low variable rate loan. 100% offset account included.

Greater Bank Great Rate Fixed Home Loan P&IHome 1Y Fixed≥ -10% Deposit

Greater Bank Great Rate Fixed Home Loan
1.59%
2.15%
  • App: $0
  • Ongoing: $0 p.a.
$526
Get one of the lowest rates on the market with this fixed rate mortgage. NSW, QLD and ACT residents only.

Community First Accelerator Package Fixed Home Loan P&IHome 3Y Fixed≥ 20% Deposit

Community First Accelerator Package Fixed Home Loan
1.79%
3.12%
  • App: $0
  • Ongoing: $395 p.a.
$540
Lock in this low fixed rate for 3 years and get a 100% offset account. Requires a 20% deposit.

G&C Mutual Bank Momentum Home Loan P&IHome≥ 40% Deposit

G&C Mutual Bank Momentum Home Loan
1.99%
2.01%
  • App: $0
  • Ongoing: $0 p.a.
$555
A variable rate loan for owner-occupiers looking to refinance. This loan has low fees and a 100% offset account.

ME Flexible Home Loan Fixed with Members Package P&IHome 2Y Fixed≥ 20% Deposit

ME Flexible Home Loan Fixed with Members Package
1.89%
3.17%
  • App: $0
  • Ongoing: $395 p.a.
$548
$3,000 cashback when refinancing a loan of $250,000 or more. Other conditions apply. Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.

Australian Unity Health, Wealth and Happiness Package Fixed Home Loan P&IHome≥ 30% Deposit

Australian Unity Health, Wealth and Happiness Package Fixed Home Loan
1.89%
2.66%
  • App: $0
  • Ongoing: $399 p.a.
$548
Lock in a competitive rate for 2 years and get package discounts. Requires a 30% deposit.

Bank of Melbourne Fixed Rate Home Loan with Advantage Package P&IHome 2Y Fixed≥ 20% Deposit

Bank of Melbourne Fixed Rate Home Loan with Advantage Package
1.84%
3.38%
  • App: $0
  • Ongoing: $395 p.a.
$544
$3,000 refinance cashback
Get a competitive home loan rate for two years. Requires at least a 20% deposit. Refinancers borrowing $250,000 or more can get a $3,000 cashback (Apply by 30 November 2021. Terms and conditions apply). Refinancers Only.

Macquarie Bank Basic Fixed Home Loan P&IHome 3Y Fixed≥ 30% Deposit

Macquarie Bank Basic Fixed Home Loan
2.09%
2.17%
  • App: $0
  • Ongoing: $0 p.a.
$563
Get a low interest rate and a mortgage with flexible, basic features. No application or ongoing fees. Requires a 30% deposit. Refinancers can switch with a convenient digital application.

Newcastle Permanent Building Society Premium Plus Package Fixed Rate P&IHome 3Y Fixed≥ 20% Deposit

Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.09%
3.58%
  • App: $0
  • Ongoing: $395 p.a.
$563
$2,000 cashback for eligible refinancers borrowing $250,000 or more.

Well Home Loans Balanced Fixed Home Loan P&IHome 1Y Fixed≥ 10% Deposit

Well Home Loans Balanced Fixed Home Loan
1.84%
2.01%
  • App: $250
  • Ongoing: $0 p.a.
$544
Owner occupiers can get a sharp fixed rate for the first year, plus an offset account. Available with a 10% deposit.

UBank UHomeLoan Fixed P&IHome 3Y Fixed≥ 20% Deposit

UBank UHomeLoan Fixed
1.85%
2.13%
  • App: $0
  • Ongoing: $0 p.a.
$545
A competitive fixed rate loan with no ongoing fees. Requires a 20% deposit.
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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 will 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 Lenders Mortgage Insurance (LMI) fees. If you are 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 such as your credit file, existing loans and debt, your income, and the property you are 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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