5% of $600,000
5% of $600,000.00
$30,000.00
5% of $600,000.00 is $30,000.00.
Quick answer
5% of $600,000 is $30,000. For a first-home-buyer couple, that's the deposit needed to buy a $600,000 house under the First Home Guarantee scheme, which lets eligible buyers purchase with just 5% down without paying Lenders Mortgage Insurance — instead of the $120,000 a standard 20% deposit would require.
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5% of $600,000 is one of numbers, percentages and conversion tools on OneCalculate — see the full set for this category.
Browse MathsHow it works
To find a percentage of a number, multiply the number by the percentage and divide by 100:
result = base × (percent ÷ 100). For this page, that’s $600,000 × (5 ÷ 100) = $30,000. A deposit this size
is the minimum threshold under the Australian Government’s First Home Guarantee, which lets eligible first home
buyers purchase with just 5% down and skip Lenders Mortgage Insurance (LMI) — see Moneysmart’s guide to
saving for a home deposit for how eligibility
and price caps work.
Worked example
Connor and Layla are a first-home-buyer couple renting in Penrith, in Western Sydney. They’ve found a three-bedroom house listed at $600,000 and want to know if they can get in sooner using a low-deposit scheme instead of waiting years to save 20%. Using the formula: $600,000 × 5% = $30,000. That’s the deposit they’d need to qualify for the First Home Guarantee, which — subject to meeting the income and property price cap conditions — would let them buy with just 5% down and skip the LMI premium a smaller deposit would normally attract.
Frequently asked questions
What is 5% of $600,000?
5% of $600,000 is $30,000. You get this by multiplying $600,000 by 0.05 (or dividing by 20).
How do I calculate a home deposit percentage?
Multiply the property price by the deposit percentage expressed as a decimal. For a 5% deposit on a $600,000 home, that's $600,000 × 0.05 = $30,000.
Can I buy a house with a 5% deposit in Australia?
Yes, if you're eligible for a government scheme like the First Home Guarantee, which lets eligible first home buyers purchase with as little as a 5% deposit without paying Lenders Mortgage Insurance. Outside a scheme like this, most lenders still require LMI on deposits under 20%.
Does a 5% deposit avoid Lenders Mortgage Insurance (LMI)?
Not on its own — outside a guarantee scheme, lenders normally charge LMI on any deposit under 20%. The First Home Guarantee is specifically designed to waive LMI for eligible buyers putting down as little as 5%.
What other costs are there beyond the deposit?
Budget separately for stamp duty (unless exempted for first home buyers), conveyancing, building and pest inspections, and loan establishment fees — none of these are included in the 5% deposit figure.
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Written and verified by Nirbhay Tripathi
Last updated 18 August 2026
All rates on this page are verified againstMoneysmart — Saving for a home depositon 18 August 2026. See our methodology for the full update calendar.