Australian Government 5% Deposit Scheme
Formerly the First Home Guarantee
- Minimum deposit
- 5%
- Lenders Mortgage Insurance
- Not payable under the scheme
- Income caps
- None
- Property price caps
- Vary by city and region
First home buyers
Your first home, explained in plain English
Schemes, deposits, stamp duty and pre-approval can feel like a lot. We walk you through each step and help you work out what may be possible for you.
Government help
Schemes that could help you buy sooner
Grants and stamp duty help
Each state and territory runs its own first home buyer grants and duty concessions, with different rules and price limits. Choose yours for the official details:
Not sure what applies to you? Ask us and we'll walk you through it.
Scheme details last verified: [DATE TO BE CONFIRMED]. Eligibility criteria, property price caps and other conditions apply and can change. Always check the official source or ask us before relying on this information.
The path to your keys
How buying your first home works
- 1
Work out your budget
We look at your income, savings and expenses to estimate what you may be able to borrow and what repayments could look like.
- 2
Check your scheme eligibility
We help you understand which government schemes you may qualify for and how they could reduce your upfront costs.
- 3
Get pre-approval
A pre-approval gives you a clearer price range to shop with. It is subject to conditions and is not a guarantee of final approval.
- 4
Find your home and settle
Once your offer is accepted we manage the loan through to formal approval and settlement, working with your conveyancer.
FAQ
First home buyer questions
How much deposit do I need to buy my first home?
Many lenders prefer a 20% deposit, but eligible first home buyers may be able to buy with as little as 5% under the Australian Government 5% Deposit Scheme. You also need to allow for costs such as conveyancing, inspections and any transfer duty.
Can I use the federal scheme and my state or territory scheme together?
In many cases eligible buyers may be able to use both, as they are separate schemes with their own rules. Eligibility depends on your circumstances and the property.
What is pre-approval?
Pre-approval is a lender indicating, subject to conditions, how much it may be willing to lend you. It is not a guarantee, and formal approval depends on the property and a full assessment.
Do all lenders offer the 5% Deposit Scheme?
No. The scheme is available through participating lenders only. We can tell you which lenders on our panel take part.
Find out what may be possible
Bring your questions. We'll explain deposits, schemes and next steps in a free 15-minute chat.