Thanks Jamie and Michael for your advices and welcome

I have read a little more about LMI and realised that I would need to have close to 25% of the house price saved in order to avoid it. Which would take me a while you are right. The market at the moment seems to be in a good place for a first home buyer, I think there are good opportunities around as it has slow down a little.

I have been house hunting this morning, and from the houses I have seen, we would either buy a 500k house or a 450k and renovate for 50k.

Can you please advice if my calculations are right?

To buy a 500k house, it will cost us $30k on top for LMI ($10k), reduced stamp duty, transfer of land ergo, mortgage rego etc ($19k) and other lender charges ($1k).
Less the FHOG (7k), total cost of $523k.

So I would need to get a mortgage of $523k, with a minimum deposit of $26k.

Is that right?

Thanks again for your help!
Lili