The amount you will need to save will be made up of a deposit plus extra to cover purchase costs.
Things your need to know about the deposit:
The minimum deposit most lenders require is 5% of the purchase price. So for example, if you are purchasing a property for $350,000, 5% would be $17,500.
The cost of lenders mortgage insurance (LMI) will be added to the loan if your deposit is less than 20% of the value of the property. To avoid mortgage insurance, you would need to contribute at least 20%, so for the example above it would be $70,000.
To find out more about LMI click here.