what deposit will i need?

IBA has lower deposit requirements than commercial home lenders. The minimum amount of deposit you will need to contribute may depend on your income.

We require you to contribute the maximum amount you have available as your deposit.

The table below shows the minimum deposit requirements applicable for new housing loans offered to first home buyers.

Minimum deposit required for first home buyers^
 Total gross income Minimum deposit amount
 Up to $75,670 $1,500
$75,671–$124,634 $3,000
$124,635–$146, 890 3% of purchase price
$146,891-$222, 560 5% of purchase price
^Total gross income values and deposit amounts are effective as at 10 August 2020 and are subject to change at any time.

The table below shows the deposit requirements for other loans provided by IBA. This includes housing loans to previous home owners, purchase of residential land, home improvement, refinance and property settlement and fee finance loans.

Minimum deposit required for other IBA loan products
Loan product Minimum deposit amount^
Purchase of residential land5% of purchase price or $10,000 (whichever is the lesser)
Home improvement, refinance or property settlement5% of property value
Previous home ownersNet proceeds from the sale of the previous home but not less than the minimum deposit requirement for first home buyers
^Minimum deposits amounts are effective as at 10 August 2020 and are subject to change at any time.