How much of a deposit do I need for a home loan?
You’ll generally need at least 5% in genuine savings, plus enough to cover fees and charges.
If your deposit is less than 20%, Lenders Mortgage Insurance (LMI) may apply.
If you're a first home buyer, you might be eligible for the Australian Government 5% Deposit Scheme, which allows you to buy with a 5% deposit without paying LMI.
Speak to your local Member Relationship Specialist or Mobile Lender to find out more about your options.