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Australian Government 5% Deposit Scheme

Starting out or starting over – lower deposits can fast-track your path to buying a home

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    What is the Australian Government 5% Deposit Scheme?

    Imagine unlocking the door to your very own home, sooner than you ever thought possible. Own your first home sooner with the Australian Government 5% Deposit Scheme.

    The Scheme is for aspiring home buyers just like you – first home buyers with a minimum 5% deposit, or single parents or legal guardians with a minimum 2% deposit.

    No income caps, no waitlists and no Lenders Mortgage Insurance, reduces your upfront costs and gets you on the path to home ownership sooner. Whether you're eyeing a cosy apartment, family house or building on vacant land – the Australian Government can help you into a home that suits your lifestyle, location and budget, right across the country.

    We've already helped over 243,000 Australians – could you be next?

    First home buyers

    minimum 5% deposit

    Single parents or legal guardians

    minimum 2% deposit

    Over 240,000 Australians

    already helped

    About the 5% Deposit Scheme

    The Scheme makes home ownership more achievable by helping you buy a home sooner with a small deposit and Government backing. Here's how it works.

     

    1. Eligible home buyer
    		Home buyer meets all Scheme eligibility criteria.
    2. Small minimum deposit
    		Home buyer saves a minimum deposit to contribute – 5% for first home buyers or 2% for single parents or legal guardians.
    3. Government backing
    		The Australian Government provides a guarantee to a lender authorised to offer the Scheme (Participating Lender) so they can lend the home buyer up to 95% or 98% of the home's value.
    4. Home loan
    		Participating Lender provides a home loan.
    5. Home ownership
    		Home buyer finds and buys a home and moves in.

    What are the key features and benefits?

    • Low deposit options
    • No income caps
    • No LMI - save on upfront fees
    • Wide choice of home types
    • Government backing
    • Unlimited spots and no waiting list.

    Next steps and how to apply

    Explore the options and fact sheet provided below to find out if the Scheme is right for you - including details on eligibility and how to apply.

    Who can the Scheme help?

    First Home Buyers

    You’re a first home buyer with a minimum 5% deposit

    Find out more

    Single Parents

    You’re a single parent or legal guardian with a minimum 2% deposit

    Find out more

    Fact Sheet

    Read the Fact Sheet to find out more about the Australian Government 5% Deposit Scheme

    Find out more

    Important Information
    This page gives general information about the Australian Government 5% Deposit Scheme. To apply for the Scheme, you’ll need to speak to one our Participating Lenders. They’ll look at your individual situation and let you know if you’re eligible.