---
title: How much deposit do I need?
description: Today I’m going to show you exactly how to calculate your home loan deposit.
---
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# How much deposit do I need?
## Today I’m going to show you exactly how to calculate your home loan deposit.
You need at least 8-10% of the purchase price as deposit. You can use our deposit calculator [here](https://www.huntergalloway.com.au/deposit-calculator/).
### **What is my house deposit amount?**
Your home deposit is your contribution towards buying your first house, this includes the bank deposit which is usually between 5-8% of the purchase price plus savings to cover other costs like stamp duty and other fees.
**In total, you will need 8-10% of the purchase price in savings to afford a home.**
So for example, if you were buying a place for $400,000 you would need around 10% or $40,000 in savings.
This includes the bank (sometimes called the home loan deposit) and [other costs](https://www.huntergalloway.com.au/deposit-calculator/#What_other_costs_are_there_for_buying_a_home) like stamp duty.
You can calculate this manually by getting the purchase price, and multiplying it by the deposit amount divided by 100.
Or 400,000 x 10/100 = $40,000.
(Or by using our awesome [deposit calculator](https://www.huntergalloway.com.au/deposit-calculator/#Let_s_get_started) above)
### **Why is knowing my house deposit important?**
Setting your budget is the very first step …
In fact, the amount you have in savings usually sets how much you can afford to buy.
And without knowing this, it’s impossible to start looking for a home.
- [Complete Guide to Making an Offer](https://learn.huntergalloway.com.au/migration/complete-guide-to-making-an-offer?hsLang=en)
- [1. Before your loan is approved](https://learn.huntergalloway.com.au/migration/1-before-your-loan-is-approved?hsLang=en)
- [2. After your Loan is Approved](https://learn.huntergalloway.com.au/migration/2-after-your-loan-is-approved?hsLang=en)
- [3. Before your Settlement](https://learn.huntergalloway.com.au/migration/3-before-your-settlement?hsLang=en)
- [4. After Your Settlement](https://learn.huntergalloway.com.au/migration/4-after-your-settlement?hsLang=en)
- [Home Buying Process](https://learn.huntergalloway.com.au/migration/home-buying-process?hsLang=en)
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