What percentage do I need upfront for my first homeloan?

Hi Pru
Most lenders require borrowers to put in a 5% deposit.
In addition the other costs associated with a home purchase include stamp duty (there are some exemptions if you purchase a new property), legal costs, possible lender fees depending on the loan you choose plus you should budget for other miscellaneous costs ( pest and building reports, adjustments at settlement for council rstes and water rates etc.).
There are other options if you have a family member who is prepared act as guarantor.
Lastly it could be said that your deposit needs to be the difference between the cost of the home you wish to purchase and the loan that you can afford to repay. Always factor in an allowance that lets you make additional payments.
The bigger the deposit you can save the better off you will be in the future.
Good luck.

Hi Pru. He reality is you will need about 10 -12% of the purchase price.
You will firstly need a 5% deposit.
Then you will need roughly 4% for stamp duty.
Finally, if you borrow more than 80% of a property's value you will have to pay Lender's Mortgage Insurance (LMI). This can be around 2 - 3% of purchase price depending on the size of your deposit. The bigger the deposit the smaller the LMI premium. There are ways to avoid LMI in some cases involving helpful parents so please let me know if you want to know more.

Hi Pru,

in short, if the property is less than $300,000, you would need around 8.5 percent including stamp duty and costs. if price is less than $600,000, your depsit would be 6.1 percent plus Stamp duty and costs. i.e. if purchase price is $500,000, your deposit would be around $51,000 or so.

above $600,000, you would need another 1.3 percent or so.

regards.

Not sure if you are looking at an existing or new property but if you are considering new there may be an alternative form of financing.

If a new property is the goal then PM me and I can talk to you more about it.