09/09/2026
A lot of people put off buying their first home because they think they need 20 percent saved first.
That number scares off more buyers than it should.
The truth is you can buy your first home with as little as 5% deposit, and some buyers get in with just 2 % through specific government support schemes. Lenders mortgage insurance can cover the shortfall, and these schemes exist for exactly this reason, to help first home buyers stop waiting and start looking sooner.
What you actually need depends on your income, your savings, and which schemes you qualify for. It is rarely the 20% everyone assumes.
If you know someone still saving for their first home, send them this post.
Contact me at 0451 956 659 to find your real number.
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Jagdish Lakhani Mortgage Advisor, Mortgage Advisor Australia, First home buyer deposit help, Low deposit home loan Australia, Government home buyer grants, How much deposit do I actually need, First home buyer eligibility check, Home loan pre approval process.
How much deposit do I actually need to buy my first home in Australia?
What is the minimum deposit for a first home buyer?
Do I qualify for a government home buyer scheme?
Can I buy a house with a 5 percent deposit?
How does lenders mortgage insurance work?