The Australian Government’s 5% Deposit Scheme is designed to help you own your first home sooner.
The scheme is for aspiring first home buyers with a minimum 5% deposit, or for single parents or legal guardians with a minimum 2% deposit.
From 1 October 2025, changes to the scheme mean no income caps, no waitlists and no Lenders Mortgage Insurance payable. It will reduce your upfront costs and help you get on to the path to home ownership sooner.
Whether you’re eyeing a cosy apartment, family house or building on vacant land, the scheme may be able to help you get into a home that suits your lifestyle, location and budget.
What are the key features and benefits?
- Low deposit options
- No income caps
- No Lenders Mortgage Insurance – save on upfront fees
- Wide choice of home types
- Government backing
- Unlimited spots and no waiting list
In Perth and regional centres, the property value must be under $850,000. In other regional areas of WA, it needs to be under $600,000 (as at 1 October 2025).
What to know more? Reach out and we can find out if this scheme is right for you.
Data correct as at 1 October 2025. Eligibility is at the discretion of participating lenders. All lending subject to lenders criteria. Terms & conditions apply. This blog contains general information only. Your own personal circumstances have not been considered and you should seek independent financial advice prior to making any decision on a financial product.