The Australian Government 5% Deposit Scheme helps you buy your first home with a minimum 5% deposit with a Government guarantee. No income caps, no waitlists and no LMI means you have lower upfront costs and could own your first home sooner.
There are unlimited places available under the Australian Government 5% Deposit Scheme from 1 October 2025.
Refer to the First Home Buyers Fact Sheet and Information Guide for full details.
Make an appointment with a MyState Bank lender to start your application
Who is eligible?
Check your eligibility using the Borrower Eligibility Tool on the new government website – a questionnaire to help identify your borrower eligibility for the Scheme.
To access the Scheme, you need to meet borrower eligibility criteria including:
- Applying on your own or jointly (max 2 applicants) with a partner, friend, or family
- 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 from a Participating Lender, up to 30 years (plus up to 3 years to build a new home) member.
Property price thresholds
Use the Property Price Cap Tool – a tool to help home buyers determine the property Price Caps for the suburb they are purchasing in.