The number one question we hear from Campbelltown buyers is: "How much do I actually need saved?" The answer might surprise you — it's a lot less than most people think.
5%
Minimum deposit (FHBG)
$0
LMI with guarantee
$0
Stamp duty under $800K
$31K+
Max stamp duty saving
The Short Answer
If you're a first home buyer using the First Home Guarantee scheme, you need just 5% of the purchase price as a deposit — plus roughly $2,000–$3,000 for conveyancing costs. For a $720,000 home in Campbelltown, that's around $38,000–$39,000 total.
No stamp duty. No LMI. Just the deposit and legal fees.
That's it.
Breaking It Down: Every Deposit Option
Option 1 — 5% Deposit (First Home Guarantee)
The First Home Guarantee (FHBG) is a Federal Government scheme that lets eligible first home buyers buy with a 5% deposit and zero Lenders Mortgage Insurance. The government acts as guarantor for the remaining 15%, so the bank treats it as if you had a 20% deposit.
- Income limit: $125,000 single / $200,000 couple
- Property must be your home (not investment)
- Sydney price cap: $900,000
- Must apply through a participating lender — your broker handles this
Real numbers for a $720,000 Campbelltown home
$36,000
5% deposit
$0
LMI (saved ~$22K)
$0
Stamp duty (saved ~$27K)
~$2,500
Conveyancing
Total needed upfront: ~$38,500
Option 2 — 10% Deposit (Standard with LMI)
If you don't qualify for the FHBG (perhaps your income is above the threshold), a 10% deposit is still manageable. You will pay LMI, but it can usually be added to the loan rather than paid upfront.
On a $720,000 home: 10% deposit = $72,000. LMI at 10% deposit is roughly $8,000–$12,000 (added to loan). No stamp duty if it's your first home and under $800K.
Option 3 — 20% Deposit (No LMI)
A 20% deposit on a $720,000 Campbelltown home = $144,000. This is the "clean" option — no LMI, best interest rates, most lender choice. If you have been saving for several years or received a family gift, this is worth targeting.
Option 4 — Guarantor Loan (Family Support)
If a parent owns property and is willing to act as guarantor, you may be able to buy with very little or no deposit at all. The family member's property secures the portion of the loan above 80%, avoiding LMI entirely.
This option is very popular in Campbelltown and Southwest Sydney, where extended family networks are strong. We arrange guarantor loans regularly. Read more on our first home buyer page.
Find Out Exactly What You Need
Every buyer's situation is different. Let us work out your exact deposit requirement, grant eligibility, and borrowing power — free of charge, within 24 hours.
Don't Forget These Upfront Costs
Your deposit isn't the only cost you need to prepare for. Here's what else to budget:
| Cost | Typical Amount | Notes |
|---|---|---|
| Conveyancing | $1,500–$3,000 | Solicitor reviews contract + handles settlement |
| Building inspection | $400–$700 | Essential for established homes |
| Stamp duty | $0 | First home buyers under $800K in NSW |
| LMI | $0 | With First Home Guarantee scheme |
| Moving costs | $500–$2,000 | Varies by volume and distance |
What If You Don't Have Enough Saved Yet?
Don't wait. Speak to a broker now anyway. Here's why:
- A broker can tell you exactly what you need — so you stop guessing and start saving with a target in mind
- You might qualify for a guarantor loan that lets you buy sooner than expected
- The First Home Guarantee places are limited — getting your application ready now means you won't miss out when you hit your deposit target
- Property prices won't wait for you to save — the sooner you have a plan, the better
Our Campbelltown mortgage broker team helps buyers at every stage — including those who are still 6–12 months from being ready. We'll give you a clear roadmap.
How Mortgagefy Helps Campbelltown Buyers
We have helped dozens of first home buyers buy in Campbelltown, Oran Park, Leppington, and surrounding suburbs. We know this market and we know the lenders who are most competitive for this area right now.
We will work out your exact deposit requirement, confirm which grants you qualify for, and compare loans across our wide lender panel — completely free. See our full Campbelltown buying guide for more detail.
Ready to talk to a broker?
Get a straight answer about your borrowing power — no credit check, no obligation. Our Sydney mortgage broker team is available Mon–Sat 9am–7pm.