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A good place to start is to get an idea of how much you might be able to borrow. Then you'll not only be able to take a look at what's on the market in your price range, you'll also have some indication of what size deposit you'll need. Click here for further information on saving for a deposit and help on setting up a savings plan.

If you have started saving, you generally require a 20% deposit of the purchase price of the property. If you have less than 20% deposit and you are still keen to enter the property market, there are a number of options available that could help you buy a property sooner.

Lenders Mortgage Insurance (LMI)

Lenders Mortgage Insurance (LMI): If your deposit is less than 20%, then Lenders Mortgage Insurance is usually required. With Lenders Mortgage Insurance, the lender’s risk in lending to you is reduced. Essentially this means you may be able to apply for a home loan with less than a 20% deposit. This cost 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 Fact Sheet (PDF 81KB)

Examples of Lenders Mortgage Insurance (LMI)

Property Purchase Price

Minimum Deposit %

LMI not required

LMI required




















Family Security Guarantee1

Family Security Guarantee1: Parents or legal guardians can take advantage of the equity within their home or equity within a term deposit to help supplement the buyers deposit to reduce the loan to value ratio (LVR).  This may reduce or eliminate the need to pay Lenders Mortgage Insurance.

For more information on these options, talk to a Westpac Home Finance Manager.

Other tools

Home saver calculator

See how long it might take you to save for a deposit.

Things you should know

Credit criteria, fees, charges, terms and conditions apply. 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.

1The 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.