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Australian Government 5% Deposit Scheme

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Buy your first home sooner, with a low deposit.

Getting into your own home may be closer than you think.

Through the Australian Government 5% Deposit Scheme, eligible first home buyers can purchase a home with a minimum 5% deposit, while eligible single parents or legal guardians may be able to buy with a minimum 2% deposit. A Government guarantee is provided to the lender for your loan, helping you achieve home ownership sooner.

At GMCU, we're here to guide you through the process with local support, personalised advice and a team that understands our regional communities.

Discover how the Australian Government 5% Deposit Scheme could help you get into your first home sooner

  • Get started with a smaller deposit

    Eligible first home buyers may be able to purchase a home with a minimum 5% deposit, or single parents and single legal guardians with a minimum 2% deposit, helping you take the next step sooner.

  • Your income won't hold you back

    There are no income caps under the Scheme, opening the door to more aspiring homeowners.

  • Keep more money in your pocket

    Eligible borrowers can avoid paying Lenders Mortgage Insurance (LMI), reducing the upfront costs of buying a home.

  • Choose your home loan

    Whether you're looking at a house, townhouse, apartment, house and land package, off-the-plan property or building on vacant land, the Scheme provides flexibility across a range of eligible home types.

  • Backed by Government support

    A Government guarantee is provided to the lender for eligible loans, helping more Australians achieve home ownership sooner.

  • Apply when you're ready

    There are unlimited places available under the Scheme, so there's no need to wait for an allocation or join a queue.

 

Ready to take the next step?

Whether you're buying your first home or looking for a place for your family, our team is here to help.

 

Home loan calculators

Wondering how much you can borrow? Or what you repayments will be each month? Our home loan calculators can crunch the numbers for you.

Are you eligible?

First home buyers

To access the Scheme, you need to meet eligibility criteria, including:

  • 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 three years to build a new home)
  • Applying on your own or jointly with one other person (partner, friend, or family member).

You must also meet your Participating Lender's credit policy and loan approval criteria. Even if you are eligible for the Scheme, you may not get a loan if you do not meet the lending requirements of your Participating Lender.

Single parents and single legal guardians

To access the Scheme, you need to meet eligibility criteria, including:

  • Australian citizen or permanent resident, at least 18 years old
  • Saved a minimum deposit of 2%
  • Single parent or single legal guardian of one or more dependent children
  • Not have any other property interest once your new home settles
  • 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 three years to build a new home)
  • Applying on your own (no joint applications).

You must also meet your Participating Lender's credit policy and loan approval criteria. Even if you are eligible for the Scheme, you may not get a loan if you do not meet the lending requirements of your Participating Lender.

Important Information

Eligibility criteria, lending criteria and property price caps apply.
The Australian Government 5% Deposit Scheme supports eligible first home buyers with a minimum 5% deposit and eligible single parents or legal guardians with a minimum 2% deposit.
A Government guarantee is provided to the lender for eligible loans.

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We acknowledge the Traditional Owners of the lands on which we operate and pay our respects to Elders past and present, and to emerging community leaders. We also acknowledge the important role Aboriginal and Torres Strait Islander peoples continue to play within the communities in which GMCU operates and where our team members reside.