First home buyers guide
How Much Deposit Do I Need to Buy a Home in Melbourne?
A practical way to think about your deposit, purchase costs and the buffer you may need before buying.
Offset Mortgage · Plain-English mortgage information
Start with the full purchase budget
Your deposit is only one part of the upfront cost. Allow for conveyancing, inspections, moving costs and any government charges that apply to your purchase. Eligibility for concessions or schemes depends on current rules and your circumstances.
Loan-to-value ratio matters
A lender compares your loan amount with the property value. A higher loan-to-value ratio may mean additional conditions or lenders mortgage insurance. Different lenders assess this differently.
Plan for a buffer
Keeping some funds available after settlement can help with unexpected ownership costs. Before making an offer, speak with a broker about a realistic price range and the evidence a lender may require.
