How much deposit do I need for a first home in Australia?

Most lenders require 5% to 20%. With the 5% Deposit Scheme, you can buy with 5% and no LMI. Single parents may qualify with 2%. Help to Buy allows 2% but the government co-owns your home.

What is the First Home Super Saver Scheme?

The FHSS lets you salary sacrifice up to $15,000 per year (max $50,000 total) into super at a 15% tax rate instead of your marginal rate. You withdraw it for your deposit. The tax saving can be several thousand dollars.

How long will it take to save a deposit?

It depends on your savings rate and target. For a $700,000 property with $50,000 saved and $2,000/month, a 5% deposit takes about 4 months, 10% takes about 10 months, and 20% takes about 35 months.

First Home Deposit Tracker

Deposit tracker

How close are you?

Where you stand

Three numbers. That is all you need to start.

Savings so far$50,000

Saving per month$2,000

Property price you are looking at$750,000

How this works

FHSS

The First Home Super Saver scheme lets you salary sacrifice into super and withdraw it later with a tax advantage. You pay 15% contributions tax inside super instead of your marginal rate. On withdrawal, you get a 30 percentage point offset on the tax. For most people earning between $45k and $135k, this means a meaningful saving compared to putting the same money in a bank account.

5% Deposit Scheme

The government guarantees part of your loan so you can buy with a 5% deposit and pay no LMI. Since October 2025, income caps have been removed and places are uncapped. Single parents may qualify with just 2% under the Family Home Guarantee stream. Property price caps still apply by location.

FHOG

The First Home Owner Grant is a one-off payment for buyers of new homes. The amount and price cap vary by state. It does not apply to established (existing) homes. If you are buying a new build or house-and-land package, the grant is deducted from the total funds you need.

Useful links

ATO: First Home Super Saver Scheme Housing Australia: Support to buy a home Moneysmart: First home buyer guide

Related tools

Borrowing power. See what factors affect how much you can borrow.

Eligibility checker. Grants, concessions, and schemes you may qualify for.

Cost calculator. Your real monthly cost as a percentage of take-home pay.

Stamp duty calculator. Exact duty for your state and price.

Important: This is general information only. It does not take into account your individual objectives, financial situation, or needs. It does not constitute financial advice, legal advice, credit assistance, or a recommendation of any financial product. Figures are estimates based on simplified published schedules and may not reflect current rules.

housematch.com.au does not hold an Australian Credit Licence (ACL) or an Australian Financial Services Licence (AFSL) and is not authorised to provide credit assistance under the National Consumer Credit Protection Act 2009.

housematch.com.au does not receive referral fees or commissions from any broker, lender, conveyancer, agent, or other party as at March 2026.

Before making any financial decisions, speak to a licensed mortgage broker, financial advisor, or accountant who can assess your specific circumstances. For independent guidance, visit moneysmart.gov.au.

Last reviewed: March 2026.