10% of $150,000

How it works

The formula is the same for any percentage question: result = base × (percent ÷ 100). Here, $150,000 × (10 ÷ 100) = $15,000. A 10% deposit is a common starting point for a home renovation or extension loan — homeowners pay this upfront to secure their builder, with their lender releasing the rest of the loan in stages as the build progresses. See Moneysmart’s guide to home loan repayments for how staged construction lending affects your repayments.

Worked example

Craig and his family have outgrown their three-bedroom home in Alice Springs and, rather than sell in a tight local market, have decided to extend it with a new bedroom and living area. Their builder has quoted $150,000 for the project, and the construction loan Craig’s bank approved requires a 10% deposit before work begins, with the rest released in stages as the build progresses. The calculation: $150,000 × 10% = $15,000. That’s what Craig pays upfront to lock in the builder and secure a start date, with progress payments covering the remaining $135,000 as the frame, lock-up and fit-out stages are completed and signed off.