Question 1

How much deposit do I need for a house in Australia?

Accepted Answer

The standard recommendation is 20% to avoid Lenders Mortgage Insurance (LMI). On a $700,000 property, that is $140,000. However, you can buy with as little as 5% ($35,000) if you are eligible for the First Home Guarantee scheme, or 2% through some state schemes.

Question 2

Does my deposit include stamp duty?

Accepted Answer

No. Stamp duty is a separate cost on top of your deposit. First home buyers in most states receive stamp duty exemptions or concessions. You should budget for stamp duty, legal fees, and inspection costs in addition to your deposit.

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