One of the biggest misconceptions about buying a home is that you must have a 20% deposit.
While that’s one option, it’s not the only path into the market — especially for buyers in Mackay.
đź“Š What Is a 20% Deposit?
A 20% deposit means you’re contributing:
$100,000 on a $500,000 property
$120,000 on a $600,000 property
The main benefit?
You typically avoid paying Lenders Mortgage Insurance (LMI).
🏦 Can You Buy With Less?
Yes — many lenders allow you to purchase with a smaller deposit.
Common options include:
✔️ 10% Deposit
Lower upfront savings, but LMI may apply
✔️ 5% Deposit
Possible for eligible buyers, especially first-home buyers
✔️ Guarantor Loans
Family support may help you buy with little or no deposit
📉 What About LMI?
If your deposit is below 20%, LMI is usually required.
While it’s an added cost, it can also allow you to enter the market sooner rather than waiting years to save a larger deposit.
đź“Ť What This Means for Mackay Buyers
With property prices and living costs changing, many Mackay buyers are:
✔️ Exploring low-deposit options
✔️ Using government schemes
✔️ Getting into the market sooner
The key is understanding what’s possible based on your situation.
💸 Don’t Forget Additional Costs
Your deposit isn’t the only expense.
You’ll also need to budget for:
Stamp duty
Legal fees
Inspections
Moving costs
These can add up, so planning ahead is important.
🧠It’s About Strategy — Not Just Savings
Waiting to save a full 20% isn’t always the best move.
In some cases:
A tailored strategy can help you decide when you’re ready.
🤝 The Bottom Line
You don’t always need a 20% deposit to buy a home in Mackay.
There are multiple pathways into the market — and the right one depends on your goals and financial position.
If you’re unsure how much deposit you need, we can help you explore your options and create a plan that works for you.
📱 (07) 4953 2799
đź’»
www.gardian.com.auđź“Ť 73 Wood St, Mackay
