0423 952 184 Book a free call
First home buyers Contact
Book a free call Call 0423 952 184
Call Charles Book a meeting
Deposits

Links Property Finance · Home loans for first home buyers: How Much Deposit for a $600k House?

Between $30,000 and $120,000, depending on the route. A 5 per cent deposit of $30,000 works under the 5% Deposit Scheme with no LMI; 10 per cent means LMI or a guarantor; 20 per cent avoids both.

Reviewed by Charles Touma Updated 18 October 2026

I’m saving a deposit Book my free call
$0broker fee on most loans
5.0from 32 Google reviews
70+lenders on our panel
Charles Touma, mortgage broker at Links Property Finance

Charles Touma Sydney mortgage brokerYou deal directly with Charles.

Book a free call

How much deposit do you need for a $600,000 house?

The deposit on a $600,000 home is three different numbers depending on who you are. A first home buyer eligible for the 5% Deposit Scheme needs $30,000 and pays no LMI and no NSW transfer duty.

Read more

A buyer outside the scheme with $60,000 pays LMI or brings a guarantor.

Read more

A buyer with $120,000 avoids LMI without help. The purchase costs on top are similar in every case. This page lays the three routes side by side and shows what each one costs beyond the deposit itself.

Part of the first home buyer loans guide.

An empty room with a view, ready to move into

Recent Links clients

  • Three Links Property Finance clients in front of the agent’s board at the home they bought Family buy · South West Sydney
    Bought, and all smiles. A family purchase in Sydney’s south-west.
  • A family in front of the sold sign at the home they bought together Family buy · Inner West
    The whole family turned up. A parents’ guarantee, done properly.
  • Next one

    The next sold sign could be yours.

    A free 30-minute call shows where you stand.

    Book my free call

What could a 5% deposit get you?

What could a 5% deposit get you?

$800,000
$40,000 A 20% deposit would be $160,000

No LMI: an estimated $22,800 premium avoided (a broad guide; real premiums vary by lender and loan).

Stamp duty: $0 for eligible NSW first home buyers (saves $30,187).

Indicative only. The deposit excludes stamp duty, legal and inspection costs, and a participating lender, not this calculator, confirms 5% Deposit Scheme eligibility.

Confirm your numbers.

Charles Touma, mortgage broker at Links Property Finance
5.0 from 32 Google reviews

Real outcomes for real borrowers.

★★★★★
Charles at Links Property Finance made buying our first home so much easier than we expected. As first home buyers, we had a lot of questions around borrowing capacity, our deposit and the different government schemes available to us. Charles explained everything clearly, compared different lenders and kept us updated throughout the whole process. He was always easy to reach and made sure we understood what was happening from pre approval right through to getting our home loan approved. We would definitely recommend Links Property Finance to anyone looking for a mortgage broker, especially first home buyers who want someone to guide them through the process.
Michael Google review
★★★★★
A huge thank you to Charlie for his exceptional support and expertise throughout the process of securing finance for my first home.
Julian Google review
★★★★★
Charles went above and beyond to help us secure our home loan. He worked hard to find the best option for us and kept us updated throughout the whole process. His knowledge of the lending market was impressive and he made everything straightforward.
Anthony Google review

Charles Touma, mortgage broker at Links Property FinanceCharles Touma, Mortgage Broker.

Which deposit route suits a $600,000 purchase?

Eligible NSW first home buyer in rows one and two; any buyer in row three. Costs are typical, not a quote.

5% with the 5% Deposit SchemeDeposit $30,000. Loan $570,000.
10% without the schemeDeposit $60,000. Loan $540,000.
20%Deposit $120,000. Loan $480,000.

LMI varies by lender and insurer and is usually added to the loan. The 5% Deposit Scheme is for eligible first home buyers within the Sydney price cap. Duty from the Revenue NSW residential rates. Checked against these sources on 12 October 2026.

Book my free call

What does the lender check about the deposit?

Keys beside a model house
  • Where it came from.Genuine savings, usually 5 per cent of the price held for three months, satisfies most lenders. Gifts need a gift letter and a bank trail. The genuine savings guide covers the rules.
  • That it covers the costs too.The deposit funds the gap between the loan and the price; legals, inspections and registration come on top and cannot be borrowed.
  • That it is not borrowed.A personal loan used as a deposit is a debt that reduces borrowing power and is usually a decline for the deposit itself.
  • That the balance is stable.Large unexplained transfers in the months before applying invite questions. Keep the deposit in one account in your name.

What income is behind the loan?

About $128,000 for a single applicant on a $570,000 loan under the scheme, and about $111,000 on a $480,000 loan, on our calculator assumptions. The $600,000 income guide works through the figures.

A couple on two ordinary incomes clears both comfortably.

If the income is there and the deposit is the only gap, a guarantor is usually faster than saving. A parent’s equity stands in for the shortfall, LMI is avoided and no cash changes hands. The guarantor guide explains the structure.

Moving day at a new home

How long does $30,000 take to save?

Twenty months at $1,500 a month, two and a half years at $1,000 and five years at $500, before interest; the First Home Super Saver Scheme can shorten it.

  • $500 a monthFive years. Too slow for most Sydney buyers; prices move further than the savings.
  • $1,000 a monthTwo and a half years.
  • $1,500 a monthTwenty months, which is where many couples sit once rent is split.
  • With the First Home Super Saver SchemeSalary-sacrificed contributions are taxed at 15 per cent instead of your marginal rate, so each $1,000 saved costs less take-home pay.

Official sources for the figures on this page: Housing Australia, Australian Government 5% Deposit Scheme · Revenue NSW, First Home Buyers Assistance Scheme. Rules change; the official pages are the final word. Checked against these sources on 12 October 2026.

Common questions about $600,000 deposits

Could a single parent buy at $600,000 with a 2 per cent deposit?

Yes, under the Family Home Guarantee, which allows a deposit from 2 per cent with no lenders mortgage insurance. For an illustrative single parent with one school-age child buying a $600,000 townhouse, that is a $12,000 deposit and a $588,000 loan.

The lender checks eligibility against the scheme rules, and the income has to carry the whole loan: the salary, and at many lenders child support and family payments too.

As a first home under $800,000 there is no transfer duty, so the cash needed is the deposit plus a few thousand dollars of costs. See single parent home loans.

The repayment is about $3,530 a month, and the lender tests it at about $4,730. This is an illustrative example, not a Links client: figures are rounded, at the 6% example rate over 30 years.

How much deposit do I need for a $600,000 house?

$30,000 at 5 per cent under the 5% Deposit Scheme, $60,000 at 10 per cent with LMI or a guarantor, or $120,000 at 20 per cent with no LMI. Budget a further $3,000 to $4,000 for costs in every case.

Can I buy a $600,000 house with a 5% deposit?

Yes, as an eligible first home buyer under the 5% Deposit Scheme, with no LMI. Outside the scheme, a 5 per cent deposit usually needs a guarantor.

How much is stamp duty on a $600,000 house in NSW?

About $21,200 at the standard rate. An eligible first home buyer pays nothing, because $600,000 is under the $800,000 exemption threshold.

How much is lenders mortgage insurance on a $600,000 purchase with 10% deposit?

It depends on the lender and insurer, and is commonly several thousand dollars at a 90 per cent loan-to-value ratio. The LMI calculator gives a range, and the scheme or a guarantor removes it.

Do I need genuine savings for a $600,000 purchase?

Most lenders want 5 per cent of the price, about $30,000, held for three months. Some accept rent paid on time instead, and gifts are accepted with a gift letter.

Can my parents gift me the deposit?

Yes. A gifted deposit needs a signed gift letter confirming it is not a loan, and a bank trail showing the transfer. The gifted deposit guide covers what lenders ask for.

Use the deposit calculator for any price, the 5% Deposit Scheme checker for eligibility, and the stamp duty calculator for the duty at your price.

Get a straight answer for your situation

Charles tells you which route fits your savings, whether the scheme applies to you, and what the lender will want to see in the account. Free, no credit check.

Book my free call or call 0423 952 184
Prefer a callback?

Charles Touma, mortgage broker at Links Property FinanceCharles calls back within one business day. No documents needed yet.

A family in front of the sold sign at the home they bought together

More for first home buyers

From the blog

View all articles
Buying processWhat Happens at Settlement in NSW, and How Long It Takes 7 min readDeposits and schemesHow to Save a House Deposit While Renting in Sydney 6 min readBuying processBuying a House With Friends or Family: How Co-Ownership Works 6 min read
Charles Touma, mortgage broker at Links Property Finance
Reviewed by Charles Touma Director & Mortgage Broker · MFAA member · Credit Representative 579003 under ACL 389328 About Charles · First home buyers · MFAA register · ASIC register · Complaints processEvery page is reviewed by Charles before it is published and checked against current lender policy and the official scheme pages linked where figures appear.

General information only, not credit or financial advice. Scheme thresholds and lender policies change; the figures are illustrations on stated assumptions, not a quote. Links Property Finance holds an Australian Credit Licence authorisation and confirms eligibility against current rules in an assessment.