The Scheme makes home ownership more achievable by helping you to buy with the support of a government guarantee.
The Australian Government 5% Deposit Scheme is for aspiring home buyers – first home buyers with a minimum 5% deposit, or single parents with a minimum of 2% deposit.
There are now unlimited places available in 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 to find the price cap for your desired location. It’s only a guide – confirm with your Lender for any home you’re considering buying.
For regional centres in NSW (for example Newcastle and Lake Macquarie) the price cap is $1.5million and for other areas (for example Maitland) the cap is $800,000.
Housing Australia also has a Borrower Eligibility Tool to help home buyers identify your borrower eligibility for the Scheme.
First Home Buyers with a minimum 5% deposit
Since 1 October 2025, there are unlimited places available under the Australian Government 5% Deposit 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 our Lenders) 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 to find the price cap for your desired location. It’s only a guide – confirm with your Lender for any home you’re considering buying.
Property price caps are the same for first home buyers and single parents.
For regional centres in NSW (for example Newcastle and Lake Macquarie) the price cap is $1.5million and for other areas (for example Maitland) the cap is $800,000.
Lenders Mortgage Insurance (LMI) is a one-off premium added to your home loan if you do not have a 20% deposit. It is an insurance policy which covers the lender against the losses they may suffer if the borrower can no longer pay loan repayments. If a borrower defaults on their mortgage, LMI means the lender can recover what is owed to them by repossessing the property the home loan is tied to. If the property’s value has fallen, the lender can suffer a loss. This is the risk LMI covers.
We’re proudly customer owned, which means we exist to benefit you. Not external shareholders. Whether you're opening your first account or planning for the future, we’re here with genuine service, great-value products and the kind of care only a mutual can offer.
The Australian Government 5% Deposit Scheme eligibility criteria apply. Eligibility criteria, terms, conditions, fees, and charges apply to all home loans and are available on application.
