First Home Guarantee Deposit Calculator
Estimate the deposit needed under the First Home Guarantee scheme, which lets eligible buyers purchase with a smaller deposit without paying LMI.
Your results
Calculation breakdown
- Deposit
- property price × deposit %
- Loan amount
- property price − deposit
Worked example
A $600,000 property with a 5% deposit under the First Home Guarantee needs a $30,000 deposit, leaving a $570,000 loan with no LMI.
Assumptions
- Assumes you meet Housing Australia's eligibility criteria and a place is available under the scheme.
- Excludes stamp duty and other purchase costs, which are separate from the deposit.
How this calculator works
This calculator estimates the deposit required under the Australian Government's First Home Guarantee, where eligible first home buyers can purchase with as little as 5% deposit without paying lenders mortgage insurance. Enter the property price and your planned deposit percentage to see the deposit amount and resulting loan size.
Frequently asked questions
How many places are available each year?
Housing Australia allocates a limited number of places each financial year; check the current availability and price caps on the Housing Australia website.
Does this scheme remove LMI entirely?
Yes, eligible participants avoid paying lenders mortgage insurance even with a deposit below 20%, subject to place availability and price caps.
Are there property price caps?
Yes, caps vary by state, territory and location and are set by Housing Australia — check current caps before relying on this estimate.
Results are estimates only and are not financial, tax, legal or credit advice.