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

By Katherine O'Chee · · 3 min read
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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.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 30 October 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

Promoted

  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.93 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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 online in minutes.

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).

  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.93 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).

  • Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.59 % p.a.
    Fixed 5 years
    Comparison rate
    6.27 % p.a.
    Initial monthly repayment
    $2,867

    Get repayment certainty with HSBC’s low 2 Year Fixed Rate Home Loan. Make up to $10,000 of extra repayments a year. The option to split your home loan between fixed and variable. Plus, score $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 28 February 2023 and settle by 30 April 2023.

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    5.74 % p.a.
    Fixed 3 years
    Comparison rate
    6.81 % p.a.
    Initial monthly repayment
    $2,915

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

  • Variable Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.98 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,991
    Go to site

    Competitive variable rate on up to a 30 year loan term. No application fees to pay. Unlimited additional repayments. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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 online in minutes.

  • Discounted Home Value Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.99 % p.a.
    Initial monthly repayment
    $2,995

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Receive $3,288 cashback when you refinance an existing home loan. Minimum loan amount of $250,000, settle within 120 days from applying.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.22 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Elevate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.18 % p.a.
    Variable
    Comparison rate
    6.18 % p.a.
    Initial monthly repayment
    $3,056

    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

image of houses

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* 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. You can change the loan amount and term in the input boxes at the top of this table. 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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