When can I afford a home deposit?
When the savings reach the deposit plus stamp duty and fees. For a $700,000 first home in Queensland in 2026–27 that is about $41,167 with a 5% deposit, $76,167 with 10% and $146,167 with 20%; below a 20% deposit, mortgage insurance is added to the loan unless the 5% Deposit Scheme or the lender leaves it out.
The cash up front
A $700,000 established home in Queensland, bought by first home buyers in 2026–27:
| Deposit of | 5% | 10% | 20% |
|---|---|---|---|
| Deposit | $35,000 | $70,000 | $140,000 |
| Stamp duty, first home | $0 | $0 | $0 |
| Transfer and mortgage registration | $2,917 | $2,917 | $2,917 |
| Conveyancing, building and pest, loan fees (typical) | $3,250 | $3,250 | $3,250 |
| Cash up front | $41,167 | $76,167 | $146,167 |
| Mortgage insurance, added to the loan (estimate) | $30,590 | $16,380 | $0 |
| The loan | $695,590 | $646,380 | $560,000 |
At this price a first home buyer in Queensland pays no stamp duty on an established home; without the concession it would be $17,350. The stamp duty and registration are from Queensland’s published rates. The other costs are typical figures: conveyancing $2,000, building and pest $650 and loan fees $600. Mortgage insurance is an estimate from a representative premium table, as premiums vary by lender and insurer; the 5% Deposit Scheme, or a lender’s waiver, leaves it out. The duty in every state is in stamp duty in every state and territory.
When the savings reach it
Jo and Ash rent in Queensland for $650 a week and earn $90,000 and $75,000 a year. They spend $60,000 a year besides the rent, and have $35,000 saved. My Runway’s projection of their plan finds the first year the cash they can reach covers the deposit, the costs and the first year of owning the home:
| Deposit of | Earliest year |
|---|---|
| 5% | 2026–27 |
| 10% | 2027–28 |
| 20% | 2029–30 |
A smaller deposit is reached sooner and borrows more, with mortgage insurance on top: with a 5% deposit they could buy in 2026–27, with 20% in 2029–30. The projection grows the home’s price 4% a year, their pay 3% and their rent and living costs with prices (2.5%); their savings earn 4.1%, and the rent stops when they buy. As the price grows, a later purchase takes more cash than the table above, which is at today’s price: a bigger deposit, and more stamp duty where a first home concession shrinks as the price rises. The projection counts both in the year it buys. Each assumption can be changed in the plan. Every cost of buying is set out in the upfront costs of buying a home.
This household is an illustration, not a recommendation: its figures show how the rules work out for one household on these assumptions, and a household with different figures gets different answers.
See this household in My Runway (read only) →
General information only, not financial advice. It doesn’t consider your circumstances; check the figures with the source and speak to a licensed adviser before you act on them.