FHB Deposit Needed

Hi All,

First of all, quick note that I have been a silent observer in this forum for many months now and thanks to all the great people out here with their thoughts and feedbacks over the months.

We are a family of 2 and 1 child (3 yrs old), hoping to enter the property market in the next 6 months. We are based in Sydney (2077) and the recent changes in the market has really made it hard for us to save enough to get anywhere close to the 20% deposit.

hence, we are now thinking of entering the market with 5% deposit (95 % LVR loans).
Please help me understand if the below understanding is correct regarding upfront costs needed including deposit.

Deposit : 5% of property price
Stamp duty: 4%-5% of property price
LMI: approx 3.3% of property price when LVR is 95% [ this is based on my research and could be wrong]

Hence, based on the above I will need approx. 13% of the property price as a minimum to make any progress.
i,e. if property price is $1M, minimum deposit needed is 130k and increases by approximately 13k for every 100k addition to the price.

Is this wrong?
I have spoken to multiple brokers for a initial chat and have been provided quite contradicting styles of information. While one has told me I will need only 12.5% deposit initially, others have insisted on a minimum of 10% deposit for loan.

Any thoughts or guidance will be much appreciated.

Thanks for reading.

 

thanks Rolf