Points to note:
Some lenders will let you use your first home owners grant as part of your deposit where some will not and require you to save the first 5% of your deposit.
Deposit is not the only funds you will require when purchasing/building a home. You should also factor in stamp duty, transfer costs, settlement agents fees, finance costs and sundry settlement costs.
Some lenders charge you lenders mortgage insurance (see our blog on LMI). When you put down the minimum deposit you will be charged at the maximum rate.
Some lenders require a portion of your deposit to be genuine savings. Genuine savings are generally made up of money you have saved yourself. Lenders require you to prove this with 3 months statements on your bank accounts. The following are not generally considered genuine savings: