One of the biggest myths in home buying is that you need a 20% deposit. While it can help avoid some costs, it’s not a requirement, and focusing only on that number could be holding you back.

In this episode, Jack Elliott and Chris Bates break down the real deposit options available for first home buyers, including how much you actually need, how to avoid unnecessary delays, and what smarter alternatives exist if a 20% deposit feels out of reach.

You’ll explore practical ways to think about saving, understand options like the First Home Guarantee Scheme and family guarantor loans, and hear simple tips to build momentum, even if you’re just getting started.

Whether you’re early in your savings journey or already close to your goal, this episode will help you move forward with more clarity and confidence.

In this episode:

🔑 Do you really need a 20% deposit?

🔑 Deposit options from 2% to 20%, including the First Home Guarantee and family guarantor loans

🔑 Why buffers matter and how to set up your savings

🔑 Smart tips to build habits and practice future mortgage repayments

Timestamps:

00:00 – Do you really need a 20% deposit?

02:45 – Why 20% is such a common myth

05:08 – Your options with a 5%–10% deposit

07:37 – When it makes sense to pay LMI (and when to avoid it)

09:13 – What is the Family Home Guarantee Scheme?

09:46 – Other low-deposit options and what to consider

11:14 – How much do you really need to save?

11:50 – Client story: Buying with 5% instead of saving 15%

12:54 – Building a clear savings approach

🎧 Listen now and take the guesswork out of your deposit strategy.

Key Links from This Episode

First Home Guarantee Scheme

Family Home Guarantee Scheme

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