How Much Deposit Do I Need to Buy a House in Perth?

In 2026, Perth buyers have more deposit options than most realise. Whether you're saving 5%, 10%, or 20%, there are lenders and government schemes designed to work with your situation - and knowing which combinations are available can save you years of extra saving or thousands in unnecessary costs.

With the First Home Guarantee Perth metro price cap now at $850,000 and WA's stamp duty exemption applying to properties under $500,000, many Perth buyers can enter the market sooner than they expect. The key is understanding how different deposit levels unlock different loan products, scheme eligibility, and borrowing costs.

Launch Finance helps Perth buyers compare deposit strategies across our wide panel of lenders, completely free of charge.

Here's what you need to know about deposit requirements and how to make your deposit work harder for you in the Perth market.

What's the minimum deposit I can use to buy in Perth?

The minimum deposit depends on which scheme you qualify for and your property choice. First home buyers can purchase with as little as 2% deposit using the Family Home Guarantee (single parents only) or 5% using the First Home Guarantee. The Help to Buy scheme also accepts 2% deposits but has strict income caps of $100,000 for singles and $160,000 for couples. Most other buyers need at least 5% for standard home loans with lenders mortgage insurance.

Government schemes that reduce your deposit requirement

• First Home Guarantee : buy with 5% deposit, no LMI, up to $850,000 in Perth. Open to buyers who haven't owned property in Australia in the past 10 years. No income caps or place limits as of October 2025.
• Family Home Guarantee: single parents can buy with 2% deposit, no LMI, up to $850,000 in Perth. Must be genuinely single - separated-not-divorced doesn't qualify. Previous homeowners eligible.
• Help to Buy: buy with 2% deposit while the government takes up to 30% equity (existing homes) or 40% equity (new builds). Strict income caps apply: $100,000 for singles, $160,000 for couples. Available through Commonwealth Bank and Bank Australia only.
• Professional LMI waivers: doctors, dentists, nurses, and other professionals can access loans up to 90-95% LVR with no LMI at many lenders, effectively requiring only 5-10% deposit.
• WA First Home Owner Grant:$10,000 for new builds under $750,000 in metro Perth - reduces your effective deposit by stacking with other schemes.

• Launch Finance Like to know which deposit option works best for your situation? Different schemes have different eligibility rules and benefits. A free chat with a Perth mortgage broker shows you exactly what you qualify for - no commitment, no pressure. 5-star review Local experts No obligations Book a free chat today →

How do mortgage brokers help you secure the right deposit strategy in Perth?

Step 1: Talk to us

Get in touch and we'll assess your income, savings, and goals to identify which deposit options and schemes suit your situation across our wide panel of lenders.

Step 2: Compare your scheme eligibility

We check which government schemes you qualify for and compare the benefits - some save you more money than others depending on your purchase price and property type.

Step 3: Calculate your true buying costs

We work out your total upfront costs including deposit, stamp duty, legal fees, and LMI (where applicable) so you know exactly what you need to have saved.

Step 4: Find the right lender match

We identify which lenders offer the strongest terms for your deposit level - some accept lower deposits than others, and rate structures vary significantly.

Step 5: Lock in your pre-approval

We help you secure conditional approval so you can shop with confidence, knowing exactly what you can afford and how much deposit you'll need at settlement.

Step 6: Coordinate your purchase

We manage the approval process through to settlement, working with your solicitor and agent to ensure your deposit strategy delivers the outcome you planned for.

Common deposit mistakes Perth buyers make

The biggest mistake is assuming you need 20% deposit to avoid extra costs. While a 20% deposit does eliminate lenders mortgage insurance, the cost of waiting years to save that extra 15% often outweighs the LMI premium - especially in a rising market where prices can increase faster than your savings.

Many buyers also miss that government schemes can stack. The First Home Guarantee works with WA's stamp duty exemption and the First Home Owner Grant for new builds, potentially saving you tens of thousands across the purchase. Perth buyers in Baldivis - Ellenbrook or Aveley particularly benefit from this combination since many properties in these growth areas sit within the scheme caps.

What about LMI and how it affects your deposit choice?

Lenders mortgage insurance protects the lender if you can't make repayments, and it's typically required when your deposit is less than 20%. The cost varies by lender, loan size, and deposit amount - on a $700,000 purchase with 5% deposit, LMI costs approximately $21,000 as of April 2026.

However, LMI isn't always a cost to avoid. If paying LMI gets you into the market two years earlier, and property values increase by 5% per year, you're ahead financially despite the premium. The calculation depends on your specific numbers and timeline, which is exactly what a broker assessment reveals.

• Professional LMI waivers: doctors, nurses, vets, and other professionals can access loans up to 90% LVR with no LMI at many lenders.
• Government scheme elimination: First Home Guarantee, Family Home Guarantee, and Help to Buy all eliminate LMI regardless of your deposit size.
• Lender variations: some lenders charge lower LMI premiums than others for the same loan - broker comparison identifies the most cost-effective options.

• Launch Finance Ready to find out exactly how much deposit you need for your Perth purchase? We compare loans from a wide panel of lenders across Perth. Free service, no cost to you. 5-star review Local experts No obligations Book a free chat today →

Frequently Asked Questions

Can I buy a house with a 5% deposit in Perth?

Yes - 5% deposit purchases are common in Perth through standard home loans with LMI, or through the First Home Guarantee which eliminates LMI entirely. Your exact options depend on your income, property choice, and which lenders you apply to.

What's the difference between a 10% and 20% deposit?

A 10% deposit typically requires LMI, while 20% eliminates it. However, the LMI cost on a 10% deposit is significantly lower than on a 5% deposit - on a $700,000 purchase, 10% deposit LMI costs approximately $14,000 compared to $21,000 with 5% deposit.

Do I need to save for stamp duty as well as the deposit?

Yes, though WA offers significant help for first home buyers. Properties under $500,000 have no stamp duty, and there's a concession for properties between $500,001-$700,000 in metro Perth. This can save you up to $18,000 compared to full stamp duty.

Can I use my super for a house deposit?

Generally no - super can only be accessed in very specific hardship circumstances, and house purchases don't typically qualify. The First Home Super Saver Scheme lets you save up to $50,000 inside super then withdraw it for a first home, but this requires forward planning.

What other costs do I need beyond the deposit?

Budget for stamp duty (unless exempt), legal fees ($1,200-$2,000), building inspection ($400-$800), LMI (if applicable), and bank establishment fees. Total upfront costs beyond your deposit typically range from $5,000-$25,000 depending on your purchase price.

Should I use a mortgage broker or go to my bank for deposit advice?

A mortgage broker, every time. Your bank can only offer their own products and deposit requirements, while a broker compares options across multiple lenders to find the lowest deposit requirement and best terms for your situation. The difference can be significant.

How long does it take to save a deposit in Perth?

It varies widely based on your income and expenses, but many buyers underestimate how government schemes can accelerate their timeline. With the First Home Guarantee requiring only 5% deposit instead of 20%, you could be buying three years sooner than you think.

Your Next Steps

Getting your deposit strategy right can save you thousands and put you in the market years earlier. The combination of government schemes, lender variations, and professional advantages means the right approach for your situation might be very different from what you initially planned.

Ready to find out exactly how much deposit you need for your Perth purchase? Contact the Launch Finance team for a free consultation or call 08 9367 4222. We'll assess your situation across our wide panel of lenders and identify the deposit strategy that gets you to your goal fastest.

Launch Finance Pty Ltd · ABN 17 163 528 701 · Launch Finance Pty Ltd is a Corporate Credit Representative (CCR No. 454041) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence No. 391237) · General information only — this article does not constitute financial advice. Please consider your own circumstances and seek professional advice before making any financial decisions.