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Australian Government 5% Deposit Scheme

Breaking down the deposit barrier

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Homeownership is more possible than it may feel. 

Under the Australian Government 5% Deposit Scheme, you don’t need to save a 20% deposit or pay LMI. Buy sooner, with a smaller deposit.

Low deposit

Get started with a deposit as small as 2% and own your home sooner

No LMI

Save more by avoiding costly Lenders Mortgage Insurance

Low rates

Benefit from lower interest rates usually only for deposits of 20% or more

Overview of the Scheme

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  First home buyers*2 Single parents*1
Minimum deposit 5% of property value 2% of property value
How does it work Australian Government initiative to help eligible first home buyers. Part of the home loan will be guaranteed by Housing Australia. Australian Government initiative to support eligible single parents and single legal guardians with at least 1 dependent child in purchasing a home. Part of the home loan will be guaranteed by Housing Australia.
Borrower eligibility Australian citizens or permanent residents4
Individual and joint applicants.5
Either first home buyers or previous homeowners who haven’t owned a property in Australia in the last 10 years.		 Australian citizens or permanent residents4
Single parents or single legal guardians of one or more dependent children who do not currently own property or won’t have any other property interest once their new home settles.
Income threshold N/A
Minimum loan amount No minimum No minimum
Maximum loan to value ratio (LVR) - no LMI 95% 98%
Fees and charges Waived G&C Mutual Bank valuation fees*
Government fees At cost At cost
Offset account 100% offset - variable only.
Learn more about offset accounts
Redraw3 Yes Yes
Additional repayments Variable - Yes
Fixed - up to $10,000 pa
Ability to split between fixed and variable Yes Yes
Property price Caps Property price caps apply. Search the property price threshold for a suburb or postcode here.

Enquire about the Australian Government 5% Deposit Scheme today

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First Home Owner Grant: The First Home Owner Grant is a government scheme providing a one-off payment for eligible first home buyers who purchase or build a residential property to live in.

Stamp duty concessions: Stamp duty is a tax levied by state or territory governments on certain purchases, including buying a home, land, or investment property. Depending on your state or territory, you may be eligible for concessions as a first home buyer.

The First Home Super Saver Scheme: The First Home Super Saver Scheme allows you to save money for your first home using your superannuation fund. This scheme, run by the Australian Taxation Office (ATO), helps first home buyers save faster by allowing them to withdraw voluntary super contributions they’ve made to their super.

1 Only available for eligible single natural or adoptive parents or eligible single legal guardians of at least one dependent, who do not own property on the date of loan execution.

2 Only available for first home buyers or previous homeowners who haven’t owned a property in the ten years prior to the date they execute their home loan.

3 Minimum redraw amount is $100 and the amount to cover one (1) repayment (whether that be monthly, fortnightly or weekly) must be left in advance.

4 For the Australian Government 5% Deposit Scheme, permanent residents include New Zealand citizens for the purposes of citizenship applications only.

5 Joint applicants may include partners, friends, siblings, and other family members.

* Credit eligibility, Scheme eligibility, terms and conditions, additional fees & charges may apply. New loans only. Valuation fee waived for one property only. Unity Bank is authorised to offer the Australian Government 5% Deposit Scheme under which the Government guarantees up to 15% (first home buyers) and up to 18% (single parents) of the value of the property. The Scheme is not a cash payment or deposit for your home loan. Purchasers must be Australian citizens or permanent residents, at least 18 years of age, meet income caps and occupy the home as their principal place of residence. Target Market Determination available here. The information on this page is correct at the time of publishing but may change at any time without notice to you.

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In the spirit of reconciliation G&C Mutual Bank acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their Elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today. We support the Uluru Statement from the Heart to achieve justice, recognition and respect for First Nations people.


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