Australian Government 5% Deposit Scheme

All applicants must be Australian citizens or permanent residents at least 18 years of age.

Applicants must have saved a minimum deposit of 5% for first home buyers or 2% for single parents.

First home buyers must either have not owned or directly or indirectly held an interest in real property (in full or in part), a long-term lease of land or a company title interest within Australia in the past 10 years.

Single parent applicants may have either directly or indirectly held an interest in real property (in full or in part), a long-term lease of land or a company title interest within the past 10 years but must not hold any other property interests when settling on their new property.

Applicants must buy a home in Australia priced at or below the location’s price cap.

Applicants must plan to live in the home as an owner occupier (the Scheme is not available for investment properties).

Applicants must apply for an owner occupier home loan with principal and interest repayments from a participating lender with a loan term of up to 30 years.

Applicants can apply on their own or jointly with a partner, friend, or family member (maximum of two applicants).