Personal /
Loans /

Attention: open in a new window. Print

Your home loan deposit

You will need at least 5% of your property value saved as a home loan deposit.

When working out how much to save for a deposit, you should keep in mind that to avoid paying Lenders Mortgage Insurance you need a deposit of 20% (as IMB requires mortgage insurance for loans when you borrow over 80% of the value of the property).

What other costs are involved in buying a house?

You'll need to consider what other costs are involved in buying your property, here are some examples:

  • Legal Costs. You'll need a solicitor or conveyancer to organise the contract of sale.
  • Stamp Duty. A state government tax which is payable when a property is sold. Some state governments have stamp duty concessions for First Home Buyers - check with your IMB Home loan Specialist or log on to your state government website. Use our Stamp Duty Calculator to see how much it might cost you. 
  • Inspection. Pest, building and boundary inspections
  • Moving. Removalists, packing boxes, truck hire etc.
  • Up Front Costs on Your Home Loan. These include application and establishment fees, legal costs and also Lenders Mortgage Insurance if you are borrowing more than 80% of the purchase price of the property

Ready to go house-hunting? Talk to your IMB Home Loan Specialist about your borrowing power and you could be house-hunting before you know it!

Don't have enough deposit?

Saving can be a challenge, particularly when the bills keep rolling in, but with a few tips and some careful planning you'll be surprised at how much you actually can save!

Do the sums

Yes, they can be boring, but when it comes to importance, budgets are right up there when you're buying a home! Understanding your budget will not only help you understand how much you can save towards your deposit every month, it will also help you work out what repayments you will be able to afford when you do get your loan.

Check out our borrowing power calculator which enables you to calculate how much you can expect to borrow based on your current salary and existing financial commitments.

It's pretty basic to work out your budget - simply listing what you spend your money on and how much you spend every week will show you how much money you've got to spare. It's important to be honest and realistic. Don't go getting ambitious or denying what you actually spend... budgets don't work unless you tell the truth.

Check out IMB's Budget Planner to get you on the right track.

Once you understand what you spend your money on, you can highlight areas where you can change your spending to help your savings plan. You might be surprised how easy it is to save some extra cash.

Speak with one of IMB’s Home Loan Specialist who will help you with your budget and a savings plan to help you get into your first home sooner.

iconEnquire NowiconMobile LendericonVisit a BranchiconCall 133 462

The Hive

Keep up to date with all the IMB insider tips for a healthier financial future.

Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 139 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

Find out more