What a 20% home deposit looks like in your dream suburb

Sydney houses with city skyline in the background

Whether you prefer the convenience of living close to work or you’re one of the growing number of Australians looking for a ‘sea change’, it’s no secret location sits high on the priority list for many home buyers.

But it goes without saying that properties aren’t worth the same from suburb to suburb. Median house prices could go from as high as $1,154,406 in Sydney to a much lower $145,500 in Broken Hill, according to the latest figures from the Domain House Price Report. 

By default, that also means saving a 20% house deposit could either take many years of hard work or be a considerably easier task, depending on the location.

For instance, 20% of Sydney’s median house price would currently be $230,881. Whereas for a house in Broken Hill, you could aim to raise just $29,100 - about eight times less - before your 20% deposit is complete. 

To help you decide how much you’ll need for a deposit for your ideal suburb, our data experts have pulled together an interactive map of median house prices across Australia. 

From Townsville in Queensland to Broome in Western Australia, hover over the various markers to view what a 20% deposit would look like in each location.

Why a 20% deposit?

Simply put, that’s the standard. Many lenders expect borrowers to have at least a 20% deposit of the property purchase price or a 80% loan-to-value ratio (LVR), so this is where you’ll find the biggest basket of low interest home loans.

Not to mention that with a 20% deposit, you can avoid getting stung by higher rates as well as an extra charge known as Lenders Mortgage Insurance, which customers with smaller deposits usually have to budget for (although there are ways to minimise those costs).

Quick tips to save a deposit

Saving for a 20% deposit can be tough, so to help you out we’ve compiled a few tips to help you stash away the money you need for your first or next property purchase:

  • Cut back on expenses: Whether it’s a gym membership you rarely use or the countless streaming services you’ve signed up to this year, trimming back on your more indulgent expenses can go a long way to helping you save. For instance, instead of paying $18 a week to access your local gym facilities (which adds up to $936 over one year!), you could consider downloading a fitness app instead. For even bigger savings, look at switching to a cheaper car insurance policy or energy plan.
  • Whip up a budget - and stick to it: Once you’ve gotten a handle on how to adjust your current spending habits, the next step is writing up a budget. Set a goal and timeframe for your savings - say, $2,000 a month - and make sure it’s realistic. A good rule to follow is ‘50/20/30’: 50% of your monthly income goes towards essentials (like rent and groceries), 30% towards fun (like entertainment and eating out) and 20% towards your savings (aka your home deposit).
  • Get your debt under control: Having lingering debt can be a double whammy for home buyers, as not only does it make saving up harder but it could also affect your chances of getting approved for a home loan. To pay off your credit card debt, consider devising a repayment plan (so you don’t miss any deadlines) or even swapping out your current plastic for balance transfer credit card which charges 0% interest for an introductory period (usually 6-17 months).
  • Park your money in the right savings account: While interest rates for depositors are far less than favourable right now, shopping around can still make a difference. After all, the gap between the highest and lowest maximum savings rate in the Mozo database (excluding Westpac Life for 18-29 year olds only) is still a whopping 115 basis points. Plus, a number of savings accounts also offer nifty tools to help you save, including roundups and the ability to open multiple ‘savings buckets’.

Once you’ve ticked ‘house deposit’ off your to-do list, it’s time to shop around for the best home loan for you. Scroll below for a list of competitive deals, or jump over to our home loans comparison table for even more options from over 80 different lenders.

Compare home loans - last updated 11 August 2022

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Variable Home Loan 70

    interest rate
    comparison rate
    Initial monthly repayment
    3.10% p.a. variable
    3.12% p.a.

    Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.

  • Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    3.14% p.a. variable
    3.06% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

  • PAYG Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    3.29% p.a. variable
    3.33% p.a.

    Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.

  • Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    3.79% p.a. variable
    3.79% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.


* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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