First home buyer: How much deposit do I need?

One of the most common questions I get from first home buyers is: "How much deposit do I need?"

The answer varies depending on purchase price, stamp duty, employment history. There are other factors such as the size and location of the property, do you have genuine savings and if a guarantor is going to offer additional property as a security.

As you can see it is not a simple answer. The answer might be as little as no savings through to 15% of the purchase price.

First home buyers can use this calculator as a guide but the best way to get an accurate answer for your circumstance is to speak with a good, experienced mortgage broker.