You could buy a home with a smaller deposit and without paying costly Lenders’ Mortgage Insurance. Moving day might be closer than you think!
The Australian Government 5% Deposit Scheme
* Subject to meeting certain eligibility criteria set out by the Australian Government
Is the scheme right for me?
| Australian Government Scheme supporting first home buyers Learn more | Australian Government Scheme supporting single parents Learn more | |
|---|---|---|
| Minimum deposit | 5% | 2% |
| Number of applicants | Single or joint applicants, maximum of 2 applicants | Single applicants |
| Citizenship | Must be an Australian Citizen or an Australian Permanent Resident. | |
| Property type | Existing homes and new builds. Must be owner occupier, investment properties are not eligible. | |
| Purchase history | Applicants can be a first home buyer or previous homeowners who haven't owned a property in Australia in the past 10 years. | Applicants can be a first home buyer or previous homeowner. |
| Location | Australia wide | Australia wide |
| Property price cap | Property price caps for your area can be viewed on Housing Australia website . | |
Apply for a home loan
Whatever your home buying dreams, our team of specialists can help guide you through the process step by step.
Complete the form and we’ll connect you with one of our experienced Home Loan Specialists to discuss your goals, eligibility and next steps.
When you’re ready, we’ll help you prepare and submit your application.
Once your application is ready for assessment, your specialist will guide you from approval to settlement.
Frequently asked questions
The Australian Government 5% Deposit Scheme is an Australian Government initiative to support eligible home buyers to purchase a home sooner.
The 5% Deposit Scheme supports eligible:
- First home buyers or previous homeowners who haven’t owned a property in the last 10 years.
- Single parents and legal guardians with dependants.
The Australian Government 5% Deposit Scheme is an initiative designed to help more Australians get on to the property ladder sooner.
Under the scheme, eligible home buyers can buy a home with as little as 5% deposit – and without Lenders’ Mortgage Insurance (LMI).
Find out more about the Scheme supporting first home buyers.
The Australian Government 5% Deposit Scheme is an initiative designed to support single parents and legal guardians with at least one dependant looking to buy their first home or re-enter the property market.
Under the scheme, eligible single parents and legal guardians can buy a home with as little as 2% deposit – and without Lenders’ Mortgage Insurance (LMI).
Find out more about the Scheme supporting single parents.
This is a one-off insurance payment which protects your mortgage lender if you default on the loan. LMI is commonly paid when borrowers have less than a 20% deposit.
The amount paid can vary depending on the lender, the loan amount and your deposit size. Most lenders let you to choose to pay LMI upfront or add this to your loan amount and include it in your repayments.
Great Southern Bank is the trading name of Credit Union Australia Limited. You may have previously known us as CUA.
For over 75 years we’ve helped our customers reach their financial goals. We noticed that buying a home has been getting harder in recent years, so we’ve made it our purpose to help every Australian achieve the dream of owning their own home.
Plus, being customer-owned means that you come first. Instead of chasing huge profits for shareholders, we reinvest back into the business to provide better products and services to our customers.
Check out the table above or visit Housing Australia website.
More information on the scheme can be found here:
Top tips for buying a home
Complete the form and we’ll connect you with one of our experienced Home Loan Specialists.
Mon - Fri: 9:30am - 4:00pm (AEST)
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions and fees apply. Applications are subject to credit approval. Ask us for details. More information about the Australian Government 5% Deposit Scheme (including First Home Buyers and Single Parents) and Housing Australia is available at www.housingaustralia.gov.au.