For a $500,000 house, the minimum deposit can range from $25,000 (5%) to $50,000 (10%), but a $100,000 (20%) deposit is ideal to avoid Lender's Mortgage Insurance (LMI) and secure better loan terms, though some government schemes and guarantor options allow for even lower or zero deposits.
For a house priced at $750,000, this means you would need a minimum deposit of $150,000. This is calculated by multiplying $750,000 by 0.20 (20%). Therefore, to buy a house priced at $750,000 without incurring LMI, you would need to save at least $150,000 for the deposit.
Deposit savings
Ideally, you should save as much as possible before buying a home. The minimum required deposit is 10%, but aim for 20% if possible. If you're borrowing more than 80%1 of the property value, you'll need to take out Lenders' Mortgage Insurance or Low Deposit Premium.
Using this free income calculator, the approximate income you need to buy a $500,000 home, assuming you need a $400,000 loan, is $77,000 gross per year, excluding superannuation.
If this is your first home, you may have access to government schemes like the First Home Guarantee, which lets you put down a 5% deposit and avoid LMI. If you're looking at a house or unit that costs $200,000, that means you can buy a house with a $10,000 deposit.
Is $30,000 enough for a house deposit? It can be, especially for properties under $500,000 or if you're eligible for First Home Guarantee or First Home Super Saver Scheme. You may still need to pay Lenders Mortgage Insurance (LMI).
A strong credit score could help you secure a lower mortgage rate. You generally need a credit score of at least 620 to qualify for a conventional mortgage, though every lender is different. FHA loans, which are backed by the federal government, may be an option for individuals with credit scores as low as 500.
Financial experts recommend that mortgage repayments should not exceed 30% of your gross monthly income. Therefore, you would need to earn at least $11,533 per month, or about $138,400 annually, to comfortably afford the repayments on this mortgage.
This means, if you were buying a property for £300,000, you would need a mortgage deposit of £15,000. Depending on your circumstances and the property you are buying, you may need a higher deposit (e.g. 10% mortgage deposit, or 90% mortgage).
Yes. A two-bedroom kit home around $150,000 is achievable if you control labour costs and contribute work yourself; a one-bedroom can be under $100,000, depending on choices.
A no-deposit home loan, also known as a 100% home loan, allows you to buy a property without paying an upfront deposit. Instead, the lender finances the full purchase price. These loans are less common and usually come with higher interest rates and tighter lending criteria.
To afford a $500,000 house, you typically need an annual income between $125,000 to $160,000, which translates to a gross monthly income of approximately $10,417 to $13,333, depending on your financial situation, down payment, credit score, and current market conditions.
Regional NSW
With a $50,000 deposit and 90% LVR – or $100,000 and 80% LVR – you could buy a house in Albury, Muswellbrook or Wagga. With $100,000 and a LVR of 90% you could buy in Glenroy, Lake Haven or Wallsend.
The 2-2-2 credit rule is a common underwriting guideline lenders use to verify that a borrower: Has at least two active credit accounts, like credit cards, auto loans or student loans. The credit accounts that have been open for at least two years.
Improving your credit in 30 days is possible. Ways to do so include paying off credit card debt, becoming an authorized user, paying your bills on time and disputing inaccurate credit report information.
At the time of writing (January 2026), the average monthly repayments on a £70,000 mortgage are £369. This is based on current interest rates being around 4%, a typical mortgage term of 25 years, and opting for a capital repayment mortgage. Based on this, you would repay £110,846 by the end of your mortgage term.
Here's an example of how this formula works: Budget 50% of your income towards living expenses like rent, bills and groceries. Budget 30% of your income towards lifestyle costs like eating out, new clothes or concert tickets. Save the remaining 20% of your income.
3.5% down payment options
You can buy a $300,000 house with just a $10,500 down payment using an FHA loan. These loans are easier to qualify for than conventional loans, especially if your credit score is lower.
Minimum deposit to buy a $500,000 property (no LMI)
For a house priced at $500,000, this means you would need a minimum deposit of $100,000. This 20% deposit reduces the lender's risk and eliminates the need for LMI, which is an insurance policy that protects the lender if the borrower defaults on the loan.
Red flags include: Reluctance to sign a written agreement. Vague or inconsistent move-in date. Requests to hold the unit for an unusually long time without firm commitments.
How much deposit do I need? The amount you need for a deposit usually depends on the property price and your budget. For a home purchase, you normally need to put down at least 5% or 10% of the total amount.