Emanate Finance

MortgageSMART™ tool

Home Loan Deposit Calculator

General information only — illustrative modelling, not credit assistance or an offer of finance. Actual outcomes depend on your circumstances, lender policy, rates and fees.

A 5% deposit and a 20% deposit buy the same house very differently.

The deposit decides your LVR, whether lenders mortgage insurance applies, how large the loan ends up, and often what rate you're offered. On top of that sits a pile of cash costs — stamp duty, conveyancing, inspections, government fees — that usually can't be borrowed.

Set your purchase price below and compare 5%, 10% and 20% side by side, with the real cash requirement for each.

Compare deposit scenarios

Free calculator · No personal details required · About 60 seconds

Your deposit scenarios

The same purchase price at 5%, 10% and 20% down — including the cash you need on top of the deposit.

$750,000
$90,000

5% deposit

$37,500

Loan before LMI
$712,500
LVR
95%
Estimated LMI
$28,500
Total loan
$741,000
Monthly repayment
$4,414
Cash needed
$71,041

Your savings cover this, with about $18,959 left over.

10% deposit

$75,000

Loan before LMI
$675,000
LVR
90%
Estimated LMI
$14,850
Total loan
$689,850
Monthly repayment
$4,109
Cash needed
$108,541

About $18,541 short of this scenario on your current savings.

20% deposit

$150,000

Loan before LMI
$600,000
LVR
80%
Estimated LMI
None
Total loan
$600,000
Monthly repayment
$3,574
Cash needed
$183,541

About $93,541 short of this scenario on your current savings.

Transfer (stamp) duty
$29,741

Estimated for Western Australia, established home, no concessions.

Conveyancing
$1,800

Typical allowance.

Inspections
$700

Building and pest.

Government & lender fees
$1,300

Registration and establishment.

Upfront costs total about $33,541 on a $750,000 purchase in Western Australia. These generally can't be added to the loan, which is why the deposit percentage alone never tells you whether you're ready.

Illustrative estimate based on the figures you entered. Actual outcomes may vary — the assumptions behind it are at the bottom of this page.

The 80% line

Why 20% is the number everyone quotes

At or below 80% LVR, lenders generally don't require mortgage insurance, and many price their sharpest rates in that band. Above it, LMI applies and the premium climbs steeply as LVR rises — the jump between 90% and 95% is usually much larger than the jump between 85% and 90%.

That doesn't make a smaller deposit wrong. Capitalising LMI into the loan to buy two years earlier can work out well in a rising market and badly in a flat one. It's a trade-off worth pricing rather than a rule.

What counts as a deposit

Genuine savings. Many lenders want to see a portion of your deposit accumulated over three to six months, rather than appearing at once.

Gifts from family. Usually acceptable, often with a letter confirming the funds are a gift and not repayable.

Equity in another property. Can replace cash entirely in some structures.

A guarantor. Where a family member offers security over their own property to reduce your effective LVR. Powerful, and not without consequences for them.

Grants and guarantee schemes change regularly and carry their own eligibility rules and caps. Check the current terms with the relevant authority before counting on one.

Buying your first home?

See what you could buy — and what it would cost to hold.

Answer a few questions and we'll show you where you stand on deposit, capacity and the costs that catch first buyers out.

No documents · does not impact your credit score

Common questions

Deposit questions we're asked most

How much deposit do I actually need?

A 20% deposit avoids lenders mortgage insurance, but plenty of lenders will lend at 90% or 95% of the property value with LMI added. Some professions and some guarantee schemes allow smaller deposits without LMI. The practical minimum is usually set by your borrowing capacity and the cash you need for stamp duty and costs, not by the deposit percentage alone.

What is LVR?

Loan to value ratio — your loan divided by the property value, as a percentage. A $600,000 loan on a $750,000 property is 80% LVR. Lenders price and assess based on LVR, and it's the number that decides whether LMI applies.

What is lenders mortgage insurance?

LMI is insurance that protects the lender, not you, if the loan defaults and the security doesn't cover the debt. It's usually charged as a one-off premium when your LVR is above 80%, and most borrowers capitalise it into the loan rather than paying cash. Premiums vary a lot between insurers, lenders and LVR bands — the figure here is indicative only.

Is my deposit the only cash I need?

No, and this is where buyers most often get caught. Transfer (stamp) duty, government registration fees, conveyancing, building and pest inspections and lender fees all need to be paid at or before settlement, and generally can't be borrowed. The calculator adds an allowance for these so the total cash figure is realistic.

Does a bigger deposit get me a better rate?

Often, yes. Many lenders price in LVR tiers, so crossing below 80% — and sometimes 70% or 60% — can unlock a lower rate as well as removing LMI. Whether waiting to save more beats buying now depends on your market, your rent, and what prices do in the meantime.

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