How much deposit do you actually need
Most lenders prefer a 20% deposit, but many first home buyers are approved with as little as 5–10%, usually with Lenders Mortgage Insurance added to the loan.
Government schemes like the First Home Guarantee can let eligible buyers borrow with a smaller deposit and no LMI — worth checking before you assume you need to save more.
Grants and concessions worth knowing about
The First Home Owner Grant and stamp duty concessions vary by state, and eligibility depends on the property price and whether it is new or established.
Stacking a grant with a guarantee scheme can meaningfully cut the cash you need on settlement day.
Getting pre-approval right
Pre-approval gives you a realistic budget before you start inspecting properties, and signals to agents that you are a serious buyer.
A broker can compare lenders’ policies on grants, guarantees and genuine savings requirements so your pre-approval actually reflects what you can borrow.