This is a tough question to address without an understanding of your circumstances, For a first home a deposit of anywhere between 5% and 20% will be required, with the lower rate predicated upon Government assistance or grants.

Generally speaking, a deposit of 20% of the value of the property will save you from incurring additional fees such as Lenders Mortgage Insurance.

Some lenders will let you borrow up to 95% of the purchase price and then permit you borrow the cost of the Lenders Mortgage Insurance on top of that.

If you are eligible for the First Home Guarantee Scheme you may be able to purchase with a 5% deposit and not incur Lenders Mortgage Insurance since the Commonwealth government will act as your guarantor.

If you don’t have a deposit, you may borrow up to 100% of the property’s purchase price plus purchase costs, using a family pledge or guarantee. A Family Pledge loan allows a family member to offer their property as additional security for you to purchase your property without the need for a deposit.