First-home deposit & LMI

A 5% deposit and no LMI?

Check whether the First Home Guarantee covers your purchase — unlimited places and no income caps since October 2025 — or see the indicative LMI you'd pay and exactly how far off your deposit is.

First-home deposit & LMI

Does the First Home Guarantee cover you — a 5% deposit with no lenders mortgage insurance — or how much LMI would you pay, and how big is your deposit gap?

State / territory

Location

Property price

Savings you have now

Target deposit (% of price)

The First Home Guarantee covers this purchase

Buy with a $32,500 deposit — and pay no LMI

At $650,000 you're under the capital-city cap for New South Wales ($1,500,000). The government guarantees the gap up to a 20% deposit, so no lenders mortgage insurance is charged. Since 1 October 2025 there are unlimited places and no income caps.

5% deposit needed

$32,500

Your savings

$80,000

12.3% of price

Deposit ready

Yes ✓

LMI you avoid

$26,552

indicative

Your $80,000 already covers the 5% deposit. Going in at 5% without the Guarantee would cost about $26,552 in LMI (indicative estimate only).

Your deposit progress$80,000 saved

5%20%20%

First Home Guarantee price caps and stamp duty are verified figures. All LMI amounts are an Indicative estimate only — actual LMI varies by lender and insurer. A guide, not financial advice.