Australian Government 5% Deposit Scheme - frequently asked questions

Please visit our dedicated Australian Government 5% Deposit Scheme page or speak with one of our Home Loan Advisers.

The Scheme exists to assist eligible first home buyers to purchase a home sooner. It does this by providing a guarantee to participating lenders that will allow eligible first home buyers to purchase a home with a deposit of as little as 5%, and the additional benefit of not having to save for Lenders Mortgage Insurance (LMI).

You can check your eligibility on the Australian Government First Home Buyers website.

Visit the Australian Government First Home Buyers website to use the Property Price Cap Tool – a postcode search tool to help home buyers determine the property price caps for the suburb they are purchasing in.

No. The Australian Government 5% Deposit Scheme allows eligible home buyers with deposits as low as 5% to get a home loan without paying Lenders Mortgage Insurance (LMI) fees.

Maximum purchase prices (property price caps set by Government legislation) are applicable for eligible properties purchased under the Scheme. You can find them on the Australian Government First Home Buyers website.

• Completed and signed application form – including signed privacy declaration;
• Needs Analysis;
• Verification of income and expenses – payslips etc;
• Evidence of 5% genuine savings;
• Evidence of funds to complete the transaction – savings plan/gift from family;
• Signed Home Buyer Declaration (Statutory Declaration) – People First Bank will provide this to you.

Yes. All those schemes have been simplified into the Australian Government 5% Deposit Scheme from 1 October 2025.

Places are unlimited from 1 October 2025.