See the deposit a first home needs at 5%, 10% or 20%, then test buying now against saving longer.
Deposit strategy slider
That leaves a thin buffer. Putting every dollar into the deposit is not always the best strategy. Our guide on how to save a house deposit covers the faster routes.
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At least 5 per cent of the price plus buying costs. With the 5% Deposit Scheme, eligible first home buyers pay no mortgage insurance at 5 per cent; outside it, anything under 20 per cent usually means mortgage insurance.
In NSW, eligible first home buyers pay no stamp duty to $800,000, which cuts the cash needed.
Part of the first home buyer loans guide.
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Book my free callCharles Touma from Links Property Finance was a great help with buying my first home. I had plenty of questions and he took the time to explain things clearly without making me feel rushed. He kept me updated throughout and made the process much less stressful. Really appreciated his patience and would happily recommend him to other first home buyers.
I found Charles and Links Property Finance very prompt and professional to deal with. Made it all so easy.
Charles looked after us really well and his knowledge gave us the confidence to purchase our property. He wasn’t pushy and always ensured we felt comfortable with the repayments.
Waiting saves $108/month in repayments on these assumptions, but you’d also pay rent meanwhile, and prices can move. That trade‑off is exactly what we work through together.
Assumes the same property price and rate in both cases, prices, rates and your circumstances can move either way. General information only, not advice.
Insurance premiums vary by lender, loan size and deposit, so treat the saving as indicative. Scheme eligibility is confirmed in an assessment, never assumed.
Charles Touma, Mortgage Broker.
Yes, if you are an eligible first home buyer using the 5% Deposit Scheme, with no lenders mortgage insurance. Price caps and eligibility criteria apply, and the deposit still has to meet the lender’s rules on where it came from.
Outside the scheme, five per cent is possible at some lenders but insurance applies and the premium is substantial.
Not necessarily, but at low deposit levels many lenders apply genuine savings rules, which look for money accumulated over time rather than a lump sum that appeared last week.
Gifts, inheritances and asset sales are all accepted with the right evidence and sometimes a holding period. The genuine savings guide explains how the rules differ.
Mostly yes: it lowers the loan, the insurance and the interest. But saving for longer costs rent and time in a market that does not pause.
The fair comparison is what a larger deposit saves against what another year of saving costs, which is arithmetic worth doing rather than assuming.
It protects the lender, not you, if the loan is not repaid and the property sells for less than the debt. You pay the premium, usually added to the loan.
It is not a waste of money, it is what allows people to buy years earlier than a twenty per cent deposit would permit, but it should be a decision rather than a surprise.
Yes, and lenders like to see it. Beyond duty and fees, a buffer after settlement matters both to your own resilience and, at some lenders, to the assessment itself. Arriving at settlement with nothing left is a position worth avoiding.
Bring your numbers to a 30‑minute conversation and leave with a borrowing range a lender could stand behind.
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Estimates only, not credit or financial advice. Calculators use general assumptions; lender policy, rates and your own position are confirmed in a full assessment.
Official sources for the figures on this page: Housing Australia, Australian Government 5% Deposit Scheme · Revenue NSW, First Home Buyers Assistance Scheme. Scheme rules change; the official pages are the final word. Checked against these sources on 12 October 2026.
