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How much do I need upfront?

The largest hurdle is generally getting your deposit together, although there are a number of other costs you need to be aware of.

How much do I need for a deposit?

If you have started saving you can start to look at buying once you have at least 5% of the purchase price.

If you have between 5% and 20% of the purchase price, you may need to pay what’s called Lenders Mortgage Insurance, which enables us to lend you a larger percentage of the purchase price. This can be included either in your upfront costs or in your loan repayments so that it’s spread out over the term of the loan.

Lenders Mortgage Insurance Brochure (PDF 1MB)

The estimates below do not take into account the money you need for upfront costs.

Example of deposit amounts

Property Purchase Price

Minimum Deposit %



Without Mortgage Insurance

Mortgage Insurance required













If you have a deposit of over 20%, you can avoid the extra costs of Lenders Mortgage Insurance.

Use our deposit/equity calculator to work out the deposit you will need.

What if I don’t have a deposit?

If you don’t have a deposit, there are a number of options that can help you get your home sooner.

Parental Guarantee

You may be able to use a Parental Guarantee1 where your parents use available equity (supported by a mortgage over their property, or a term deposit) to assist you with your home purchase.

Deposit Protect Bond

If your cash is tied up in other investments, a Deposit Protect Bond, could be a solution. You can use a Deposit Protect Bond at multiple auctions or by private treaty.

Other options

If you're a first time buyer, check if you're eligible for a First Home Buyers Grant as this could help in funding your deposit.

Of course if you’re keen to do it by yourself we have a range of savings accounts to help you save your deposit.

What other costs are there?

There are other up front costs you need to consider when you are doing your sums, including:

  • Conveyancing and legal costs
  • Government fees including stamp duty, although this can be included in the loan
  • Title search and registration fees
  • Pest and building inspections
  • Home building Insurance prior to settlement, and possibly contents insurance when you move in.


Things you should know

Credit criteria, fees and charges apply. Terms and conditions available on request.

This information has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

1 The guarantor should consider the risks associated with Parental Guarantee, primarily that if the borrower defaults on their loan, the guarantor is liable to pay up to the maximum of the portion of security they have put forward as a guarantee. Westpac recommends guarantors to obtain independent legal advice.