Buy your first home with a minimum 5% deposit and backing from the Australian Government. No income caps, no waitlists and no LMI means lower upfront costs and you could own your own home sooner.
Key features and benefits
Discover how the Scheme could help you own your first home sooner.
- Low Deposit: Minimum 5% for first home buyers. Take years off your saving timeline
- No Income Caps: Your income doesn’t restrict your access. Support for more Australians, no matter what you earn
- Avoid Extra Costs: No LMI fees, reducing upfront costs. Have more money to put towards the home you want
- Wide Choice of Home Types: Houses, townhouses, apartments, house/land packages, off-the-plan, or building on vacant land – at or below location price caps. More flexibility to find a home that fits your lifestyle, location and budget
- Government-Backed Support: A Government guarantee is provided to the lender for your loan. Making home ownership more achievable
- Unlimited Spots and No Waiting List: Apply when you’re ready, no queues. Get into your first home sooner.
Are you eligible?
To access the Scheme, you need to meet 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 three years to build a new home)
applying on your own or jointly with one other person (partner, friend, or family member).
You must also meet your Participating Lender's credit policy and loan approval criteria. Even if you are eligible for the Scheme, you may not get a home loan if you do not meet the lending requirements of your Participating Lender.
How to apply
Ready to turn your dreams into reality? Follow these simple steps:
1. Check Your Eligibility | Use our quick online tool to see if you are eligible – it takes just minutes and asks about your situation, deposit, and home plans. Also read this website and Information Guide for more details. |
2. Contact a Participating Lender | Chat with one of our Participating Lenders. They'll assess your eligibility, guide you through loan options, and submit your application. Provide documents such as your full name, date of birth, Medicare number (or PMKey if relevant), proof of citizenship or residency, and a completed Home Buyer Declaration form. |
3. Search For a Home | Once pre-approved, you'll have 90 days to find a home and sign a contract of sale. Use our handy tool to check the price cap for the location you want to buy in. The tool is only a guide - confirm the price cap with your Participating Lender for any home you are considering buying. |
4. Buy Your Home and Move In | Once you find your new home and sign a contract of sale, your Participating Lender will manage the final approvals. Once settlement is completed, it is time to move in! |
You can't apply directly to Housing Australia - only through a Participating Lender as part of a home loan application.
Ongoing obligations
The Scheme involves the Australian Government providing a guarantee to your lender to help you get a loan with a small deposit, but you’re responsible for all costs and repayments. To keep the guarantee, you must meet obligations on an ongoing basis, such as living in the property as an owner-occupier. If these aren't met, the guarantee may no longer apply, and your lender may require you to pay LMI or other additional costs. Talk to a Participating Lender to learn more.
Next steps
Need more help?
Check out more handy tools and resources, including Frequently Asked Questions
Contact us
For more information, you can contact Housing Australia who administer the Australian Government 5% Deposit Scheme
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.