Use our Home Loan Deposit Calculator to estimate the deposit amount you’ll need based on your property price and financial situation. This tool helps you understand the upfront costs involved in buying a home, including any additional fees like stamp duty and legal costs.
Please note that the calculator provides an estimate only and may not include every fee or specific lender requirement.
How To Use The Home Loan Deposit Calculator
You have to complete all the required fields and select the right option to complete the calculation. The mortgage deposit calculator will provide you results for:
- A breakdown of the estimated costs (stamp duty, Lenders Mortgage Insurance (LMI) fees, mortgage registration fees, etc)
- A breakdown of the available funds (first home buyers grant, initial deposit)
- The Loan-to-Value ratio or LVR
- The total deposit you need to buy a home
- The surplus or deficit amount based on your input
Who Can Use The Deposit Calculator?
- First home buyers
- Second home buyers
- Property investors
The size of your home loan deposit has a significant impact on your mortgage terms and overall financial situation. Our 360° Home Loan Assessor explains how a larger deposit can result in a lower loan-to-value ratio, reduced monthly repayments, and potentially avoiding lenders mortgage insurance.
The 360° Home Loan Assessor helps you understand every aspect of your home loan in minutes. Calculate deposits, review costs, and explore loan options, all in one place.
Try it NowWhat Is A Home Loan Deposit?
A home loan deposit is an initial contribution you make towards the purchase price of the property you’re buying. The contribution you make means you own a portion of the property. So a larger deposit means you own more of the property.
Most lenders require a house deposit of at least 20% of the property value (excluding transaction costs). If your deposit is less than 20%, you will have to pay Lenders Mortgage Insurance (LMI).
The minimum deposit required by most lenders is at least 5% of the property value.
| Property value | 20% deposit | 5% deposit |
|---|---|---|
| $600,000 | $120,000 | $30,000 |
| $700,000 | $140,000 | $35,000 |
| $800,000 | $160,000 | $40,000 |
| $900,000 | $180,000 | $45,000 |
| $1,000,000 | $200,000 | $50,000 |
An LMI exemption is possible for some professionals and first home buyers.
Why Do You Need A Deposit For A Home Loan?
It helps lenders determine the size of your loan (also called the Loan-to-Value ratio or LVR) and whether you can comfortably repay your home loan.
Using the calculator, you can find out if the deposit you saved will be enough to buy a property. Let’s take a look at a few examples.
Is 20% Really Enough For A House Deposit?
Technically, yes. A 20% house deposit means you don’t need to pay extra for LMI. However, you might also require additional funds for mortgage fees and other mortgage-related expenses.
Can I Buy A House With $50,000 Deposit?
If your deposit is not quite enough, here is what you can do:
- Apply for a guarantor home loan
- Be ready to pay LMI. You can use our LMI calculator to find out how much it costs.
- Apply for government grants and schemes available that help you buy with a lower deposit.
- Use our savings calculator to find out if you can reach your deposit goal.
- Apply with lenders who offer low-deposit home loans.
To be ready to buy a home, it’s best to get pre-approved to see what you can afford. Talk to Home Loan Experts’ mortgage brokers today to get started on your home loan application! Call us on 1300 889 743 or enquire online today.
What If I Don’t Have Enough Deposit For A Home Loan?
If your deposit is not quite enough, here is what you can do:
- Apply for a guarantor home loan
- Be ready to pay LMI. You can use our LMI calculator to find out how much it costs.
- Apply for government grants and schemes available that help you buy with a lower deposit.
- Use our savings calculator to find out if you can reach your deposit goal.
- Apply with lenders who offer low-deposit home loans.
To be ready to buy a home, it’s best to get pre-approved to see what you can afford. Talk to Home Loan Experts’ mortgage brokers today to get started on your home loan application! Call us on 1300 889 743 or enquire online today.