Australian Government 5% Deposit Scheme
The Australian Government 5% Deposit Scheme is for aspiring first home buyers with a minimum 5% deposit, or single parents with a minimum of 2%. The Scheme is administered by Housing Australia.
MyState Bank is a proud Participating Lender for the Australian Government 5% Deposit Scheme. We’ve also been awarded the Mozo Expert’s Choice Award in the First Home Buyer Loan category, which means we know a thing or two about getting you into your first home sooner.
Award winning home loan for first home buyers
What guarantees are available?
First home buyers
The Scheme helps first home buyers who have saved a minimum 5% deposit with a Government guarantee.
Single parents
The Scheme helps single parents or legal guardians who have saved a minimum 2% deposit with a Government guarantee.
Which Guarantee is the right match for me?
For the Australian Government 5% Deposit Scheme, you can check the complete eligibility criteria on the Housing Australia Website. The following conditions will generally apply:
| First home buyers | Single parents | |
|---|---|---|
| Minimum deposit | 5% | 2% |
| Number of applicants | Maximum of 2 applicants | Single applicants only |
| Citizenship | Must be an Australian Citizen or an Australian Permanent Resident, at least 18 years old. | |
| Prior property ownership | First home buyers or people who have not owned a property or land in Australia in the last 10 years. | Single parent or single legal guardian of one or more dependent children who do not have any other property interest once your new home settles. |
| Purchase location | Australia wide | |
| Property price cap | You can check the property price threshold for your property’s suburb and postcode using the official Property Price Cap Tool. | |
