You can find more FAQs here.
savings
Own your own home sooner
People first Bank is a participating lender offering the Scheme. The Scheme is available when you apply directly with People First Bank, either online or in-branch. If you're interested in applying, please register your interest below or speak with our Home Loan Specialists to discuss the options available to you.
Benefits include:
- no income caps
- no waitlists, and
- no Lenders Mortgage Insurance (LMl).
Who's eligible?
The Scheme is for first home buyers and single parents or legal guardians.
home
First home buyers
First home buyers must have a minimum 5% deposit.
Other eligibility criteria includes:
- buying a home in Australia priced at or below the location's price cap
- being an Australian citizens or permanent resident
- applying as individual or joint applicants. which may include partners, friends, siblings, and other family members
- planning to live in the home as an owner-occupier (no investment properties)
- be a first home buyer or have not owned a property or land in Australia in the last 10 years.
You can find full eligibility criteria at the link below.
members
Single parents
Single parents or legal guardians must have a minimum 2% deposit.
Other eligibility criteria includes:
- buying a home in Australia priced at or below the location's price cap
- being an Australian citizen or permanent resident
- applying on your own (no joint applications)
- planning to live in the home as an owner-occupier (no investment properties)
- being responsible for at least one dependent child
- not having any other property interest once your new home settles.
You can find full eligibility criteria at the link below.
Frequently asked questions
The Australian Government 5% Deposit Scheme is designed to support eligible home buyers to enter the housing market sooner. It does this by allowing Housing Australia to issue guarantees for eligible loans to home buyers with a deposit of between 5% (2% for single parents or legal guardians) and 20% of the property value.
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.
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.
Need some help? We've got you covered.
Get in touch with us and we can help you get the answers you need.
help
Help and support
Access forms, brochures, support articles, FAQs and more below.
lock
Message us securely
Log into Digital Banking to send us a secure message by clicking the link below, or by using your People First Bank App.
