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Lesson 2 of 7
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Lesson 2 · Financial Planning
How Much Deposit Do I Need?
Understanding the real numbers behind your first home deposit, including hidden costs you might have missed.
Key Takeaways
The 20% Myth: While 20% avoids LMI, many first buyers enter the market with as little as 5% using government schemes.
Buffer for Costs: Always set aside an additional 3–5% for stamp duty, legal fees, and inspections.
Genuine Savings: Banks love to see consistent savings over a 3–6 month period.