How Much Deposit Do I Need to Buy a House in Perth? 2026 Guide
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 at $850,000 and WA's stamp duty full exemption now applying to properties under $600,000 (as of the 2026-27 WA Budget), 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.
Key takeaways
- First home buyers can purchase with as little as 2% deposit via government schemes.
- Perth's First Home Guarantee cap is $850,000, covering most house-buying suburbs.
- WA stamp duty is now fully waived for eligible first home buyers up to $600,000.
What is the minimum deposit I can use to buy in Perth?
First home buyers can purchase with as little as 2% deposit using the Family Home Guarantee (single parents only) or Keystart, or 5% using the First Home Guarantee. The Help to Buy scheme also accepts 2% deposits but has 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. The right minimum for you depends on which scheme you qualify for, your property choice, and your lender.
What government schemes can Perth first home buyers use to reduce their deposit?
Several schemes are available to Perth buyers right now, and the best combination depends on your property type, purchase price, and whether you're buying new or established.
The main options for Perth buyers:
- › First Home Guarantee (5% Deposit Scheme): buy with 5% deposit, no LMI, up to $850,000 in Perth metro. Open to buyers who haven't owned property in Australia in the past 10 years. No income caps or place limits since October 2025.
- › Family Home Guarantee: single parents can buy with 2% deposit, no LMI, up to $850,000 in Perth metro. Previous homeowners are eligible. Must be genuinely single, separated-not-divorced does not qualify.
- › Help to Buy: buy with 2% deposit while the government holds up to 30% equity in an existing home or 40% in a new build. Income caps apply: $100,000 for singles, $160,000 for couples. Available through Commonwealth Bank and Bank Australia. Cannot be combined with the First Home Guarantee.
- › Keystart: WA Government lender accepting 2% deposit with no LMI. Income caps apply: $155,000 p.a. for singles and $228,000 for couples or families in Perth metro (from April 2026). Property price cap is $860,000. Owner-occupiers only; applications go directly through Keystart, not via a lender panel. Keystart charges a higher variable rate than mainstream lenders and is typically a transitional step before refinancing.
- › WA First Home Owner Grant:$10,000 for eligible new builds under $800,000 in metro Perth (cap increased from $750,000 in the 2026-27 WA Budget; applies to transactions entered into on or after 7 May 2026). Not means-tested. Does not apply to established homes.
- › Professional LMI waivers: doctors, dentists, vets, nurses, and other eligible professionals can access loans up to 90-95% LVR with no LMI at many lenders, effectively requiring only 5-10% deposit.
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How do mortgage brokers help you secure the right deposit strategy in Perth?
Step 1: Talk to us
Get in touch with our first home buyers team 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.
What mistakes do Perth deposit-savers most commonly 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 market where prices can increase faster than your savings.
Many buyers also miss that government schemes can stack. The First Home Guarantee works alongside WA's stamp duty exemption and the First Home Owner Grant for new builds, potentially saving tens of thousands across the purchase. Perth buyers in Baldivis- Ellenbrook or Aveley particularly benefit from this combination, since many properties in these growth corridors sit within the scheme caps.
How does LMI affect 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; with a 10% deposit on the same purchase, that falls to approximately $14,000.
However, LMI isn't always a cost to avoid. If paying LMI gets you into the market two years earlier and property values increase, you may be ahead financially despite the premium. The calculation depends on your specific numbers and timeline, which is exactly what a broker assessment reveals.
Key LMI considerations for Perth buyers:
- › Professional LMI waivers: doctors, nurses, vets, and other eligible professionals can access loans up to 90% LVR with no LMI at many lenders.
- › Government scheme elimination: the 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.
| Like to know which banks & lenders work best for your first home deposit? Know where you really stand and what's possible, so you can plan with total confidence. 5.0 on Google
Local experts
Free service
Prefer to talk now? Call 08 9367 4222 |
Frequently Asked Questions
Can I buy a house in Perth with a 5% deposit?
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 is the difference between a 10% and 20% deposit for Perth buyers?
A 10% deposit typically requires LMI, while 20% eliminates it. The LMI cost on a 10% deposit is significantly lower than on 5%. On a $700,000 purchase, 10% deposit LMI costs approximately $14,000 compared to approximately $21,000 with a 5% deposit.
Do Perth first home buyers need to save for stamp duty as well as the deposit?
It depends on the purchase price. In Perth metro, properties up to $600,000 now attract no transfer duty for first home buyers following the 2026-27 WA Budget (for transactions entered into on or after 7 May 2026). A concessional rate applies from $600,001 to $800,000, and full duty applies above that. Always confirm your exact position with RevenueWA before signing a contract.
Can Perth buyers use their super for a house deposit?
Generally no. Super can only be accessed in very specific hardship circumstances. However, the First Home Super Saver Scheme lets first home buyers save up to $50,000 per person inside super using voluntary contributions, then withdraw it toward a first home purchase. This requires forward planning and an ATO application before signing a contract.
What other costs do Perth buyers need to budget for beyond the deposit?
Budget for transfer duty unless exempt, legal and settlement fees, building and pest inspection, LMI if applicable, and any bank establishment fees. Total upfront costs beyond your deposit typically range from $5,000 to $25,000 depending on your purchase price and circumstances.
Should I use a mortgage broker or go to my bank for first home deposit advice?
A mortgage broker, every time. Your bank can only offer their own products and deposit requirements, while a broker compares options across a wide panel of lenders to find the lowest deposit requirement and best terms for your situation. The difference in scheme access and rate 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 several years sooner than you expect.
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.
The right lender for your deposit situation depends on your circumstances, and that's a conversation worth having. Talk to the Launch Finance team or call 08 9367 4222, and we'll compare your options across a wide panel of lenders at no cost to you.
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External Resources
Launch Finance · General information only - this article does not constitute financial advice. Please consider your own circumstances and seek professional advice before making any financial decisions.
