How Much Deposit Do I Need to Buy in Melbourne's Eastern Suburbs?

I’m asked this constantly, and the honest answer is: it depends on a few things that are specific to you. Anyone who gives you one fixed percentage without asking a single question about your situation is skipping steps.

The things that actually change the number

How much you’re buying. A bigger purchase price generally means a bigger deposit in dollar terms, even at the same percentage.

Whether you want to avoid Lenders Mortgage Insurance. Borrowing above a certain proportion of the property’s value usually means paying LMI, an extra cost that protects the lender, not you. Some buyers are comfortable with that trade-off to get into the market sooner. Others would rather save longer and avoid it. Neither is automatically the right answer, it depends on your priorities.

Government schemes and guarantees. Depending on your circumstances, there may be options that reduce how much deposit you need without paying LMI. Eligibility rules change and vary by situation, so this is worth a specific conversation rather than general research.

Genuine savings versus gifted funds. Some lenders care about where your deposit came from and how long it’s been sitting in your account. This can affect which lenders are even an option for you.

Why this isn’t a calculator question

I could give you a generic percentage right now and it would probably be wrong for your situation. The deposit conversation is tied up with borrowing power, lender policy and what you’re actually trying to achieve, not just today, but over the next few years.

If you’re starting to think seriously about buying in Donvale, Balwyn, or anywhere across Melbourne’s eastern suburbs, the most useful first step isn’t a savings target pulled from a generic article. It’s a conversation about your actual numbers, so you know exactly where you stand.