Whether you’re buying or building your first home, the experience can be a daunting one, as it’s probably one of the biggest purchases you’ll ever make.
To support you in your first home buyer journey, there are several types of support from the Australian and Queensland Governments that you may be eligible for.
The Australian Government 5% Deposit Scheme helps you buy your first home with a minimum 5% deposit with a Government guarantee. No income caps, no waitlists and no LMI means you have lower upfront costs and could own your first home sooner subject to meeting eligibility criteria.
We’ve been approved as a First Home Buyer guarantee Participating Lender to offer you this option.
Check your eligibility
- 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 (at the home loan date*)
- 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.
* The Home Loan Date is the date you sign your home loan agreement with your Participating Lender.
To find out the property price threshold of a suburb you a looking to buy in you can try the First Home Buyers tool.
Fact sheets and detailed eligibility criteria
For detailed eligibility criteria review the Scheme Fact Sheet to determine which option you may be eligible for.
Information guides
There are no costs or repayments associated with the Scheme. However, first home buyers are responsible for meeting all costs and repayments for the home loan associated with the Scheme.
Eligible property types
If you are a first home buyer and also a single parent or eligible single legal guardian, there is a Single Parent option that may better suit you (subject to eligibility criteria).
Single Parents
Saving to purchase a family home can be a challenging task, especially when you are a single parent or single legal guardian.
The Australian Government 5% Deposit Scheme helps you into your new family home if you have saved a minimum 2% deposit with a Government guarantee. No income caps, no waitlists and no LMI helps get you into your own home sooner. Applicants can have previously owned a home and still be eligible provided they no longer have an invested interest in the property.
As a first home buyer you may also be eligible for other government support programs like the First Home Super Saver Scheme, state and territory First Home Owner Grants, and stamp duty concessions.
The information provided on this page is general in nature and does not constitute financial or legal advice. Eligibility for government grants and schemes may vary based on individual circumstances and location. The Australian Government 5% Deposit Scheme eligibility criteria apply. We recommend visiting the official government websites listed to verify your eligibility and obtain the most up-to-date details.