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Ben C. ·

How much deposit did you start with?

Everyone says 20 percent, but at today's prices that feels like a decade of saving for us. Did you wait for 20 percent, pay LMI, or use a government scheme? What would you do again?
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5 replies

  1. Chloe R. ·

    We're planning to use the Home Guarantee Scheme with 5 percent. No LMI, but a bigger loan, so we're testing the repayments now by saving the difference each month.
    4

  2. Tom W. ·

    Paid LMI on my first at 10 percent down. It got me in two years earlier and the growth in those two years more than covered it. Not a rule though, it depends on the market.

  3. James O. ·

    Waited for 20 percent and missed a run up. No regrets on the lower repayments, but it cost me.

  4. Priya S. ·

    Whatever you choose, keep a buffer after settlement. The first year always has a surprise in it.
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  5. Ben C. ·

    Thanks all. Sounds like the question is more about the repayments than the deposit itself.
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