Ready to buy your first home?
As an approved lender of the Australian Government 5% Deposit Scheme, we are here to help bring your dream of first home ownership to life.
Australian Government 5% Deposit Scheme
As an approved lender of the Australian Government’s Home Grant Schemes, we are here to help bring your dream of first home ownership to life.
What is it?
The Australian Government 5% Deposit Scheme makes home ownership more achievable by helping you buy sooner with a small deposit, supported by a Government guarantee.
The Scheme helps aspiring home buyers with a minimum 5% deposit, or single parents with a minimum deposit of 2%. With no income caps, no waitlists and no Lenders Mortgage Insurance (LMI) the Scheme helps get you into your own home sooner!
There are unlimited places available under the Australian Government 5% Deposit Scheme from 1 October 2025.
Who can access the Scheme?
- First home buyers with a minimum 5% deposit
- Single parents or legal guardians with a minimum 2% deposit
Download the Scheme fact sheet
Scheme features
- Low deposit options
- No income caps
- No Lenders Mortgage Insurance (LMI)
- Wide choice of home types
- Government-backed support: A Government guarantee is provided to the lender for your loan
- Unlimited spots and no waiting lists
- Purchase a property up to the property price caps set by the Scheme for your location.
Download First Home Buyers guide
Downland Single Parents Guide
Check your eligibility
Am I eligible?
Read the factsheets and FAQs to learn more about the Guarantees.
FAQs
Am I eligible for the Australian Government 5% Deposit Scheme?
To access the Scheme, you need to meet borrower eligibility criteria including:
- Australian citizen or permanent resident, at least 18 years old
- Saved a minimum deposit of 5%
- A first home buyer or have not owned a property or land in Australia in the last 10 years
- Buying a home in Australia priced at or below the location’s price cap
- Planning to live in the home as an owner-occupier (no investment properties)
- Applying for an owner-occupier home loan with Principal and Interest repayments from a Participating Lender, up to 30 years (plus up to 3 years to build a new home)
- Applying on your own or jointly (max 2 applicants) with a partner, friend, or family member.
I’m a single parent am I eligible for the Scheme?
To access the Scheme, you need to meet borrower eligibility criteria including:
- Australian citizen or permanent resident, at least 18 years old
- Saved a minimum deposit of 2%
- Single parent or single legal guardian of one or more dependent children
- Not have any other property interest once your new home settles
- Buying a home in Australia priced at or below the location’s price cap
- Planning to live in the home as an owner-occupier (no investment properties)
- Applying for an owner-occupier home loan with Principal and Interest repayments from a Participating Lender, up to 30 years (plus up to 3 years to build a new home)
- Applying on your own (no joint applications)
Which properties are eligible for the Scheme?
The Australian Government 5% Deposit Scheme gives you the flexibility to choose the type of home that suits your lifestyle, location and budget, right across Australia.
Both the purchase price and the home’s value (as assessed by your Participating Lender) must stay at or below the cap. For building a new home on vacant land with separate contracts, the total land price plus build costs need to come in under the cap too.
Check the Postcode Search Tool (Property Price Caps) to find the price cap for your desired location. It’s only a guide – confirm with your Participating Lender for any home you’re considering buying.
Property price caps are the same for first home buyers and single parents.
State |
Property Price Cap effective 1 October 2025 |
| NSW – capital city and regional centre* |
$1,500,000 |
| NSW – other |
$800,000 |
| VIC – capital city and regional centre |
$950,000 |
| VIC – other |
$650,000 |
| QLD – capital city and regional centre* |
$1,000,000 |
| QLD – other |
$700,000 |
| WA – capital city |
$850,000 |
| WA – other |
$600,000 |
| SA – capital city |
$900,000 |
| SA – other |
$500,000 |
| TAS – capital city |
$700,000 |
| TAS – other |
$550,000 |
| ACT |
$1,000,000 |
| NT |
$600,000 |
| Jervis Bay Territory and Norfolk Island |
$550,000 |
| Christmas Island and Cocos (Keeling) Islands |
$400,000 |
*Regional centres are (1) in New South Wales - Illawarra, Newcastle and Lake Macquarie, (2) in Victoria - Geelong, and (3) in Queensland - Gold Coast and Sunshine Coast.
How to apply
1. Check if you’re eligible
Use the government’s simple online eligibility tool to find out if you can apply.
2. Talk to our home loan specialists
Buying your home can be overwhelming. We’ll help guide you through the process and help find the best home loan for your needs.
3. Find your first home
This is the fun bit – shopping. Remember, your home will need to meet certain eligibility criteria for the scheme.
First home buyer resources:
Why choose us?
Flexibility for you
We accept three months of employment history for regular relief and casual teachers. Other credit criteria apply.
A single contact at every stage
Have the same Lending Specialist throughout the whole process.
Anytime, anywhere
Face to face (where available), on the phone or by video, our Lending Specialists can work around your teaching hours.
