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Based on a $650,000 propertyWhat each deposit tier actually costs
2% deposit — Help to Buy scheme
- Deposit: $13,000
- LMI: $0 (government takes an equity share)
- Stamp duty: $0 with first home buyer concession in most states
Estimated total upfront cash: ~$16,000 to $17,500
Includes legal fees and inspections. The Help to Buy scheme suits buyers with steady income but limited savings.
5% deposit — First Home Guarantee
10% deposit — no scheme required
20% deposit — no scheme needed
Government schemes that reduce your deposit
These are the main first home buyer pathways in Australia, not edge-case workarounds. With government support, the minimum deposit drops to 2%.
First Home Guarantee (5% deposit)
The government guarantees up to 15% of the property value, so you avoid LMI entirely. Since October 2025, no income caps or waitlists. The most common pathway for buyers buying with a 5% deposit.
Help to Buy (2% deposit)
The government takes an equity share, reducing what you borrow and letting you buy with a 2% deposit. The Help to Buy scheme suits buyers with steady income but limited savings.
First Home Owner Grant
A one-off state government payment that boosts your deposit savings. It usually applies to new builds, and while it won’t cover the full deposit, it accelerates your timeline when combined with a guarantee scheme.
Stamp duty concessions
First home buyers in most states pay reduced or zero stamp duty, which is why upfront costs are much lower than expected. Check your state's stamp duty concessions to see what you could save.
Family Home Guarantee (2% deposit)
Single parents and legal guardians can buy with a 2% deposit under the Family Home Guarantee. The government guarantees the gap to 20%, removing LMI entirely. Available for both new and existing properties.
First Home Super Saver Scheme
Withdraw up to $50,000 in voluntary super contributions for your deposit. Contributions are taxed at 15% instead of your marginal rate, making it a tax-effective way to save faster.
How your family can help without handing over cash
A guarantor loan lets a family member use equity in their own property as additional security. They don't give you money, and repayments remain your responsibility. This can let you buy with no deposit at all and skip LMI entirely.
The guarantee covers a portion of the loan, often up to 20% of the property value. On a $650K property, that's up to $130,000 in security from the guarantor's equity. Once your loan-to-value ratio drops below 80%, you can release the guarantee, typically within 5 to 7 years.
Both sides should get independent legal and financial advice. If you default, the guarantor's property can be at risk for the guaranteed portion.
Genuine
savings
Your deposit needs a genuine savings component. It’s not designed to catch you out — it’s a financial health check that shows lenders you can manage money. The pattern matters more than the amount.
What genuine savings means
Most lenders want at least 5% of the purchase price saved by you over a minimum of 3 months. It proves a pattern of consistent saving, not a one-off windfall.
What counts and what doesn’t
Regular savings, term deposits, shares held 3+ months, and rental history count. Last-minute gifts, personal loans, and credit card advances do not.
Gift deposits aren’t a dealbreaker
You can combine a gift with genuine savings. Many lenders accept the mix as long as part of the deposit is clearly yours and the donor provides a signed letter.
Beyond the deposit: total upfront costs
Stamp duty
Often the biggest cost after the deposit, and sometimes $0 for eligible buyers. Check your stamp duty concessions.
Conveyancing and legal fees
Budget $1,500 to $3,000 for the legal transfer of the property into your name. This applies to every purchase.
Building and pest inspections
Budget $500 to $1,000 before you commit. Skipping inspections can cost far more if issues surface after settlement.
Loan application fees
Some lenders charge $0 to $600 in setup or settlement fees. A broker can identify lenders with lower or zero fees.
LMI (if applicable)
Under government guarantee schemes, LMI doesn’t apply. Outside them, it varies significantly by lender and can sometimes be capitalised into the loan.
The real total
On a $650K property with 5% deposit under the First Home Guarantee, total upfront cash is around $35,000 to $37,000 including all costs.
What our customers
say about us
Don't just take our word for it. See what hundreds of satisfied clients across Sydney say about their experience with Stryve Finance.
“Nate and Dylan were extremely helpful in helping us secure our new home. They were easy to contact from day one, and answered any questions we had. We felt reassured at all times and are very grateful for their patience with us. I have recommended Stryve to 3 friends now who have all been successful in achieving their goals of purchasing their homes. We are so happy with the service and will definitely keep on recommending Stryve to our family and friends.”
Whitney Tran
Homeowner
“I never had a problem with Dylan. From the start of our journey on mortgage til the very end and even with refinancing, he/they were very helpful, transparent, honest and really keen to help their clients! Highly recommended.”
Cristianne Del Valle
Homeowner
“On behalf of my husband and I, we would like to truly thank Dylan Bertovic for all his assistance in helping us with our new loan - approved in time before our settlement. Dylan worked above and beyond expected. He took the time to explain every step and process with us. Any questions we had, Dylan would go out of his way to ensure they were answered. He made the process stress free and ensured we got the best possible deal. We highly recommend Dylan to all our family and friends.”
Merna Yalda
Homeowner
“Nate is great to work with, very knowledgeable, responsive and genuinely invested in helping me find the right solution. Highly recommend this firm to anyone looking for reliable, competitive and professional brokerage services.”
Julia
Homeowner
“Dylan has not only been a longtime friend, but also the trusted mortgage broker of choice for my family. He answers the phone at all hours, communicates extensively through all steps of a sometimes-complicated process and manages my risk. He has a straight to the point approach which I appreciate. Simply gets the job done, and gets it done very quickly. Thanks for everything Dylan, you're a champion broker and a good mate.”
Christian Barać
Homeowner
“Nate and Dylan were the ultimate professionals in securing a home loan to help us purchase our first home! Following the purchase of our home, they have continued to provide their exceptional service and have been able to secure two rate reductions in six months! Being self-employed wasn't an issue for me as Nate knew the process back-to-front and was able to provide sound advice throughout the application process.”
Justin Tomas
Homeowner
“It was an absolute brilliant experience with Stryve. Our first purchase was with Dylan he was always clear re: the next steps, quick to respond, never tired of questions and went over and above with communication. We went back and used him again for our next investment and the experience was just as wonderful as the first. Stryve also reviews our loans every 6 months to make sure we are getting the best rates on offer. We couldn't ask for more!”
Amber Motii
Homeowner
Frequently asked questions
Which deposit pathway fits your situation?
Book an obligation-free call with a Stryve broker. We’ll review your savings, check scheme eligibility, and map the fastest path to buying.
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