Australian Government 5% Deposit Scheme
We all know saving for a deposit can be tough, which is why we're proud to offer the Australian Government 5% Deposit Scheme.
The Scheme can help support eligible First Home Buyers or Single Parents purchase a home sooner and makes home ownership more achievable by helping you buy sooner with a small deposit, supported by a Government guarantee.
First Home Buyers
No income caps, no waitlists and no LMI means lower upfront costs and could own your first home sooner.
Eligibility criteria
- 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, 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.
Single Parents
Eligibility criteria
- Australian citizen or permanent resident, at least 18 years old
- Saved a minimum deposit of 2%
- Single parent or single legal guardian of one or more dependent children
- Not have any other property interest once your new home settles
- 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, up to 30 years (plus up to 3 years to build a new home)
- Applying on your own (no joint applications).
What are the property price caps?
The Australian Government 5% Deposit Scheme gives you the flexibility to choose the type of home that suits your lifestyle, location and budget, right across Australia.
Check the Postcode Search Tool to find the price cap for your desired location.
Further information
Information guides are available for the Guarantee Schemes:
For further details please visit the Australian Government 5% Deposit Scheme website.
How do I apply?
To apply for any of the Schemes, you need to meet the eligibility requirements noted above and complete a home loan application with us.
To be eligible for the Australian Government 5% Deposit Schemes with us, you will need to meet the below prerequisites:
All required documentation to be held before reservation/assessment:
Completed Home Loan Application Form (no reservations to be made without application)
Home Buyer Declaration
Medicare Card
Current Notice of Assessment
Eligible first home buyers must use the maximum amount of their savings as a deposit (funds cannot be held back for other purposes, i.e. renovations, wedding, redraw etc.).
How can I buy a home sooner?
We could help you own your own home sooner. As a customer-owned bank, we exist because of you, for you. We have a range of home loans to suit your needs while you get to bank with a bank who cares.