The deposit for a $700k house in NSW starts at $35,000: an eligible first home buyer needs that 5% under the 5% Deposit Scheme, with no mortgage insurance and no transfer duty. Without the scheme, a 10% deposit of $70,000 usually carries LMI, and $140,000 at 20% avoids it. Registration, conveyancing and inspection costs come on top of every route.

Deposit routes on a $700,000 home
Route Deposit Loan LMI Transfer duty
5% with the 5% Deposit Scheme $35,000 $665,000 $0 $0 for an eligible first home buyer
10% standard loan $70,000 $630,000 about $15,000 to $23,000 $0 first home buyer, $25,687 otherwise
20% $140,000 $560,000 $0 $0 first home buyer, $25,687 otherwise

What does $700,000 buy in Sydney?

Usually a two bedroom unit or a townhouse in the middle and outer rings, or a house in the outer south-west and north-west. At this price the first home buyer duty exemption applies in full, so the duty column is $0 for eligible buyers, a saving of $25,687 against the general rate.

Could a house and land package get the First Home Owner Grant?

Yes. A $700,000 house and land package is under the $750,000 cap for the NSW grant, so an eligible first home buyer could receive $10,000 as well as the duty exemption. The guide to house and land package loans covers how lenders handle the land and build stages.

What income do you need?

Income needed for the loan on a $700,000 purchase
Deposit Loan Single Couple
5% $665,000 about $145,900 about $156,300
10% $630,000 about $138,700 about $149,800
20% $560,000 about $125,300 about $136,800

For the income behind a $700,000 loan rather than price, see income needed for a $700k home loan.

Is a 5% or a 10% deposit better at $700,000?

If you are eligible for the scheme, either works without LMI; a bigger deposit lowers the loan and the repayments. If you are not eligible, the LMI on a 10% deposit is roughly $15,000 to $23,000 here, so it is worth checking a guarantor or a professional waiver first; see low deposit home loans.

Questions people ask

How much deposit do I need for a $700,000 house?

$35,000 with the 5% Deposit Scheme if you are eligible, $70,000 at 10% with LMI, or $140,000 to avoid LMI without help.

Do I pay stamp duty on $700,000 as a first home buyer?

No, in NSW the exemption covers homes up to $800,000.

How much are the other buying costs?

Allow for two registration fees of $182.73, conveyancing and inspections; the property buying cost calculator totals them.

Charles Touma works out the deposit, duty and costs for the exact property and checks the scheme and grant before you offer. A free 30-minute call covers what you could buy. Income on our assumptions: principal and interest at the 6% example rate, assessed at 9%, 30 years, no other debts. LMI ranges from published ANZ and Westpac examples; duty at the 2026-27 NSW rates. General information only, not credit advice; scheme rules and lender policies change, and eligibility is confirmed when you apply.

Sources: Housing Australia, 5% Deposit Scheme; Revenue NSW, First Home Buyers Assistance Scheme; Revenue NSW, First Home Owner (New Homes) Grant; Revenue NSW, transfer duty rates 2026-27, checked 20 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.