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Know what you need for a deposit

The total deposit you will need to purchase a home, will be mostly dependent on the price of the property you want to buy, but often it’s the additional costs you need to factor in that could ultimately determine if you’ve saved enough.

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How can I estimate the total costs involved in buying a home?

So, you've found that perfect house. Great! House hunting can be exciting, especially when you spot “the one”.

It's a little less exciting when you sit down to figure out how much you need to spend. There's the price of the house itself, which will probably be your biggest expense, but you'll have to factor in a range of other things when working out your total budget.

How much do you (really) need for a house deposit?

If you’re saving for a house, it can be hard to know when exactly to stop. When will you actually have enough money to go looking for a house and actually put down a deposit? After all, a home loan is a huge life commitment. You’re generally not expected to pay it off in less than 25-30 years. You don’t want to rush into it…

Understanding Affordability

We've all seen the news stories. Apparently, it's more difficult than ever to buy your first home – if you don't win the lottery, then good luck getting a foot on the property ladder.

After hearing these claims, it'd be easy to swear off buying a house forever.

The First Home Owners Grant

If your state or territory offers a first home buyers grant and you’re eligible, this is a great way to boost your deposit. The First Home Owners Grant is a government scheme offering a one-off grant payable to eligible first home owners who are looking to be owner occupiers.

You can access information about the First Home Owners Grant by contacting the Revenue Office in your State or Territory, or by visiting

We can make it easy for you by processing the grant application with your Suncorp Bank Home Loan. Ask us how.

Find out if you are eligible

Tools to help you budget & save

Want to know more about Loan to Value Ratio (LVR) and Lenders Mortgage Insurance (LMI)? Find out more.

Why choose this high interest savings account?

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Get into your new home sooner

The deposit amount you’ll need mostly depends on the purchase price of the property – the higher the price the more deposit you need to save. Owner occupiers can borrow up to 95% of the property's confirmed value (subject to credit requirements), however, the more you can save for a house deposit the less it will cost you over the lifetime of the loan.

We understand that saving a deposit for your first home is a substantial undertaking. That’s why Suncorp Bank has created options like our Deposit KickStart and Low Deposit Options that are both options for owner occupiers. They're designed to help make it easier to secure your loan, and get you into your new home sooner.

Deposit KickStart

Deposit KickStart lets owner occupiers use the equity in the home of a family member towards the purchase of your new owner-occupied home – to help kick start your dream. With Deposit Kickstart, you could borrow up to 110% of the purchase price while avoiding Lenders Mortgage Insurance.1

Low Deposit Option

Our low deposit option enables you to borrow up to 95% of the property’s confirmed value, and is available to owner occupiers.2

Need help? Speak to one of our home loan specialists Enquire online or call 13 11 55

What’s next in our Home Buying Guide?

Understanding what you can afford to buy

OR, go back to our Home Buying Guide overview

Need more help with home loans?

Get in contact with one of our Suncorp Bank Home Lending Specialists. They’re here to help answer your questions to keep you moving towards getting your home.

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1. To approved applicants only. Exclusions and max loan amounts apply. Fees and charges, including government fees and charges apply. Conditions apply to all products, loan options, discounts and packages and are available from Suncorp-Metway Ltd ABN 66 010 831 722. Australian Credit Licence Number 229882.

2. To approved applicants only. Exclusions and maximum loan amounts apply. Suncorp Bank will lend you 95% of the purchase price or valuation (whichever is the lower). You will need to contribute all bank, legal and government fees and charges associated with the purchase of the property. Lenders Mortgage Insurance will be required and may be included in loan amount (conditions apply).

The information is intended to be of a general nature only. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.

Any advice contained in this document has been prepared without taking into account your particular objectives, financial situation or needs.  For that reason, before acting on the advice, you should consider the appropriateness of the advice having regard to your own objectives, financial situation and needs. Where the advice relates to the acquisition, or possible acquisition, of a particular financial product, you should consider the Product Disclosure Statement before making any decision regarding the product.  Contact us for a copy.