The deposit for a $1,500,000 house can be $75,000, or 5%, for an eligible first home buyer. $1.5 million is exactly the 5% Deposit Scheme cap in Sydney and the NSW regional centres, so there is no mortgage insurance. Duty of $63,787 comes on top. Without the scheme, 20% is $300,000.

Deposit routes on a $1,500,000 home
Route Deposit Loan LMI Cash with duty and registration
5% Deposit Scheme, at the cap $75,000 $1,425,000 $0 $139,152
10%, profession with LMI waived $150,000 $1,350,000 $0 $214,152
10% standard loan $150,000 $1,350,000 about $33,000 to $50,000 $214,152
20% $300,000 $1,200,000 $0 $364,152

What happens if the price goes over $1.5 million?

The scheme no longer applies, even at $1,500,001, because the cap covers both the price and the lender’s valuation. A buyer with $75,000 would then need mortgage insurance and a larger deposit. If bidding could pass the cap, have a plan B before the auction: a family guarantee, an LMI waiver or a lower ceiling.

Which professions avoid LMI at 10%?

Several lenders waive mortgage insurance up to 90% for doctors, dentists, vets, lawyers, accountants and some other listed professions, usually with registration or membership. That turns a $150,000 deposit into a no-LMI purchase above the cap. See LMI waivers.

What income goes with a $1,425,000 loan?

On our assumptions about $320,000 single or $301,000 as a couple with no other debts, with repayments of about $8,544 a month at 6%. See income needed for a $1.5m home loan.

How long does it take to save a deposit on $1.5 million?

Saving $2,000 a month, the 5% deposit on $1.5 million takes 3.1 years, ignoring interest and price movements.

Time to save each deposit on $1.5 million
Saving 5% ($75,000) 10% ($150,000) 20% ($300,000)
$1,000 a month 6.2 years 12.5 years 25.0 years
$2,000 a month 3.1 years 6.2 years 12.5 years
$3,000 a month 2.1 years 4.2 years 8.3 years

What are the repayments with each deposit on $1.5 million?

  • 5% down: a $1,425,000 loan, $8,544 a month at 6% over 30 years, plus mortgage insurance unless a scheme or waiver applies.
  • 10% down: a $1,350,000 loan, $8,094 a month at 6% over 30 years, plus mortgage insurance unless a scheme or waiver applies.
  • 20% down: a $1,200,000 loan, $7,195 a month at 6% over 30 years.

The gap between 5% and 20% down is $1,349 a month for 30 years.

How much cash do you need on top of the deposit?

  • Duty: $63,787 for most buyers.
  • Transfer and mortgage registration: $365.
  • Conveyancing, inspections and lender fees: your quotes.
  • Council and water rates: adjusted between buyer and seller at settlement, usually a few hundred dollars either way.

What can cut the deposit on a $1.5 million house?

  • The 5% Deposit Scheme: $75,000 down with no mortgage insurance, for eligible buyers under the $1.5 million Sydney cap.
  • Help to Buy: as little as 2% ($30,000) with the government taking a share, if your income is under $103,000 single or $165,000 joint and the price is within the cap.
  • A family guarantee: parents’ equity stands in for the deposit, so the cash needed can be costs only. See buying with no deposit.
  • An LMI waiver if your profession qualifies: 10% ($150,000) down without mortgage insurance at some lenders.

Close by: the deposit for a $1 million house. For any other price, use the deposit calculator.

Questions people ask

How much deposit do I need for a $1.5 million house?

$75,000 with the 5% Deposit Scheme in Sydney if eligible, $150,000 at 10%, or $300,000 to avoid LMI without help.

Is $1.5 million the 5% Deposit Scheme cap in Sydney?

Yes, for Sydney and the NSW regional centres in 2026. The rest of NSW has an $800,000 cap.

What is the stamp duty on $1.5 million?

$63,787 at 2026-27 rates. See stamp duty on $1.5 million.

Does the scheme have an income limit?

No, not since 1 October 2025. You still need to pass the lender’s assessment for the loan.

Charles Touma checks the cap for the postcode, the duty and the lenders for your profession before you bid. A free 30-minute call covers a $1.5 million purchase. General information only, not credit advice. Lender policies change, and your own circumstances decide what suits you.

Sources: Housing Australia, 5% Deposit Scheme; Housing Australia, 5% Deposit Scheme price caps; Revenue NSW, transfer duty rates 2026-27, checked 27 October 2026.

General information only, not credit, legal or tax advice. Your situation is assessed properly before any recommendation. Government scheme details change; figures are current at the time of writing.