How much deposit do I need for a home loan?

The simple answer is as much as you can possibly save. The larger the deposit you have, the smaller the loan you’ll need which will make the approval process easier and enable you to negotiate a better interest rate and loan terms.

Generally, the minimum home loan deposit required is 10%, but you should try and save at least 20% if you can, because if you borrow more than 80% of a property’s value, your lender may require you to take out Lenders’ Mortgage Insurance.

It’s also worth checking if you’re eligible for any grants or government schemes (such as the First Home Owner Grant), as they can help to boost your deposit amount.