Home deposits in Perth
How much deposit do you need for a house?
In WA you could buy a home with as little as 2% to 5% deposit through a government backed option if you're eligible, while standard lenders usually ask for 5% to 20% and charge lenders mortgage insurance under 20%. We work out which deposit level opens which doors for you, then help you get there.
- 5.0★★★★★5.0 on GoogleRated by our clients
MFAA memberIndustry body for brokers- Fully accreditedAuthorised to arrange home loans
- IndependentNot tied to any one bank
- Perth basedOur team works from Subiaco
How deposits work, in plain language
Your deposit is the share of the home's price you pay from your own money, and the bigger it is, the less you borrow and the more lenders and loan options you can choose from.
Lenders think about your deposit as a percentage of the home's value. A 5% deposit means you borrow the other 95%. That percentage is what decides whether you pay lenders mortgage insurance, which government schemes you can use and how many lenders will look at your application.
The value lenders use is their own valuation, which can come in under the price you agree to pay. If it does, your deposit is worth a little less in percentage terms, so it helps to leave some breathing room.
There's no single right number. A smaller deposit can get you into a home years sooner, while a bigger one usually means smaller repayments and lower costs over the life of the loan. Which trade-off makes sense depends on your income, your savings and how quickly prices are moving where you want to buy.
Deposit levels on a Perth home
On a sample $600,000 Perth home, a deposit ranges from $12,000 at 2% to $120,000 at 20%.
| Deposit | Deposit amount | Amount you borrow |
|---|---|---|
| 2% | $12,000 | $588,000 |
| 5% | $30,000 | $570,000 |
| 10% | $60,000 | $540,000 |
| 20% | $120,000 | $480,000 |
Your deposit isn't the only money you need. Stamp duty, legal fees and inspections come on top, and our hidden costs guide lists them all.
What changes at each level
Each step up in deposit, from 2% to 5%, 10% and 20%, changes which schemes you can use, whether you pay LMI and how many lenders will consider you.
2% deposit
Possible through Keystart, which has income and price limits, or the Family Home Guarantee if you're a single parent or legal guardian. Both avoid LMI. Most standard lenders won't lend at this level.
5% deposit
First home buyers could use the 5% Deposit Scheme, which avoids LMI and has no income cap. Some standard lenders also lend at 5%, usually with LMI added.
10% deposit
More lenders open up and LMI, if it applies, is usually much smaller than at 5%. You can still use the 5% Deposit Scheme with 10% saved if you're eligible.
20% deposit
Lenders generally don't charge LMI at this point, and you have the widest choice of lenders. The 5% Deposit Scheme no longer applies once you have 20% saved.
Lenders mortgage insurance protects the lender, not you, and it's added when you borrow more than 80% of a home's value. Our guide to LMI explains what drives the cost and the ways around it.
How genuine savings work
Genuine savings are money you've saved or held yourself over time, and many lenders want to see some of your deposit built up this way before they approve a low deposit loan.
Lenders use genuine savings as proof you can manage regular repayments. Each lender sets its own rules, but many look for savings held or built up over around three months or more, especially when your deposit is under 20%.
- Savings built up in your own account over several months
- Term deposits or shares you've held for a while
- Equity in property you already own
- In some cases, a strong rental history may be accepted in place of part of it
A gift from family, a lump sum that's just landed or a grant usually doesn't count as genuine savings on its own, though it can still go towards your purchase. Some lenders are more flexible than others, so this is one of the first things we check.
If you're short on deposit, some lenders also offer a family guarantee, where a parent uses equity in their own home as extra security for part of your loan.
How we help with your deposit
We work out what your savings could buy today, which options fit your deposit and what you'd gain by saving a little longer.
Have a chat
Tell us what you've saved, what you earn and where you'd like to buy. No jargon, no obligation.
Map your options
We show you which deposit levels and schemes you could use, and what each one means for your loan.
Check your savings
We look at how lenders could treat your savings history, gifts or grants, so there are no surprises.
Apply and settle
When you're ready, we handle the application, hold the pressure points and keep you updated to settlement.
Rated five stars by the people we help
"As first home buyers, Lucy made the entire process simple, stress-free and easy to understand. Her communication, professionalism and genuine care were outstanding. We secured our dream first home in record time!"
"Friendly, knowledgeable and incredibly responsive throughout. She made everything feel easy and stress-free, and always took the time to patiently answer all of our questions. We felt supported every step of the way."
"Maddy has been exceptional helping us navigate getting our mortgage to build our home. Always super friendly and always has the time to answer any burning questions. Would highly recommend Maddy and Oui Finance to everyone!"
Frequently asked questions
How much deposit do I need for a house in Perth?
You could buy a home in Perth with as little as a 2% to 5% deposit through Keystart or a federal scheme if you're eligible, while standard lenders usually ask for 5% to 20%.
The right level for you depends on your income, the price you're looking at and whether you qualify for a scheme.
Can I get a home loan with a 10% deposit?
Yes, many lenders offer home loans with a 10% deposit, usually with lenders mortgage insurance added unless you use a scheme or qualify for a waiver.
Some professions can have LMI waived, which our LMI waiver page covers.
What are low deposit home loans in Perth?
Low deposit home loans in Perth are loans where you put down less than 20%, including Keystart, the 5% Deposit Scheme, the Family Home Guarantee and standard loans with LMI.
Each has different rules on income, price and who sets the interest rate, so we compare them side by side for your situation.
Do I need genuine savings for a home loan?
Many lenders ask for genuine savings when your deposit is under 20%, though the rules vary and some lenders are more flexible than others.
We can tell you how different lenders on our panel could treat your savings before you apply.
Is it better to wait until I have 20%?
It depends on your situation, because waiting avoids LMI but can mean paying rent for longer while prices may keep moving.
We can show you the numbers both ways, so you can make the call that feels right for you.
Can I use the First Home Owner Grant as my deposit?
If you're eligible for the WA First Home Owner Grant on a new home, some lenders let it count towards your deposit.
Our First Home Owner Grant page explains who qualifies.
Find out what your deposit could buy
A first chat with Oui Finance is complimentary, and we'll show you honestly what your savings could get you into today and what changes if you save a little more.
Send us a few details and one of our brokers will be in touch. You can also call us on 0448 383 336.
This page is general information only and does not take your personal circumstances into account. The deposit amounts shown are examples based on a sample price, not a quote or an offer. Government schemes, Keystart and lender deposit and genuine savings rules are set by their providers and can change, so check the current details before you apply. Lender credit criteria, terms, conditions, fees and charges apply, and your full financial situation will be reviewed before any offer or product is accepted.