The Australian Government 5% Deposit Scheme can help eligible first-home buyers purchase with a smaller saved deposit and without Lenders Mortgage Insurance on an eligible Scheme loan. A separate lower-deposit pathway is available for eligible single parents and legal guardians.
What still needs to be checked
- Your eligibility for the Scheme.
- The current property price limit for the location.
- The participating lender and its own credit assessment.
- Your deposit source and funds needed for the rest of the transaction.
Check the current official Scheme rules
Government programs and rules can change. Use the official government source for current eligibility, amounts, property limits, dates and conditions.