How much money do I need for a deposit?

It depends on your circumstances. Ideally, aim for a 20% deposit. That removes the need to pay for Lenders Mortgage Insurance (LMI) and reduces your interest repayments. Many banks currently require a minimum 10% deposit.

Some government guarantees, such as the First Home Guarantee and the Family Home Guarantee, let people in specific circumstances (for example, eligible single parents) buy with a deposit as low as 2% without paying LMI.

Your bank, mortgage broker or lender can talk you through all the options available to you.