Byrz tools
You might need less deposit than you think.
Twenty percent is a step, not a wall, and two government schemes put the floor at 5 and even 2 percent. Type a price and your savings and see exactly where you stand.
Where your savings land
- 20 percent
No lenders mortgage insurance. The widest choice of lenders and the fewest conditions.
- 10 percent
Lenders mortgage insurance usually applies. It is normally added to the loan rather than paid on the day.
- 5 percent
The First Home Guarantee floor: no lenders mortgage insurance if the scheme fits you. Check it on the grants page.
- 2 percent
The shared equity floor: Help to Buy federally, and Boost to Buy in Queensland, with the government taking an equity share. Check both on the grants page.
Byrz will not estimate a lenders mortgage insurance premium: they vary too much between lenders for a range to be honest. The deposit is also never the only cash you need on the day. Estimates only, not an offer of credit.
See what you could borrow once you know your deposit position, or work out what buying actually costs in Queensland.
Want the full lesson on why the line falls where it does? Read how much deposit you need, or head back to all the tools.