Usually, sitting down for ‘The Talk’ can be awkward or uncomfortable. Not this kind.
With the Australian Government 5% Deposit Scheme and a range of other incentives, there’s never been a better time to ask your folks or chat to your children about buying a home at a Frasers Property Australia community.
- • No income caps
- • Higher property price caps
- • Unlimited places
- • 2% for single parents
Let’s make ‘The Talk’ a little easier.
Before you sit down for the chat, here’s everything you need to know about the Australian Government’s 5% Deposit Scheme.
Get into your home sooner
You’re most likely eligible
No LMI or income caps
Add on the $10K* FHOG
Explore House & Land Packages
Choose from a range of house & land packages that make building the home of your dreams easier and more affordable than ever. With the Australian Government’s 5% Deposit Scheme, you can pay even less up front.
Find your first home
At Frasers Property Australia, we’ve been creating places people have been proud to call home for over 100 years. With the Australian Government’s 5% Deposit Scheme, you can too.
Everything you need to know
From eligibility to savings rules, our easy guides explain everything you need to know about the 5% Deposit Scheme.
*Disclaimer: The contents of this website including prices, all government incentives, grants, and schemes are subject to eligibility criteria, availability, and may change or be withdrawn at any time. All property purchases are subject to terms, conditions and eligibility requirements. Purchasers must make and rely on their own enquiries and seek independent professional advice before making any financial decisions. Please refer to relevant government sources for the most current information. Government grants, incentives and eligibility criteria are determined by relevant Federal and State authorities and are subject to change.
For further information, please refer to:
The Australian Government 5% Deposit Scheme allows eligible first home buyers to purchase a home with as little as a 5% deposit — without paying Lenders Mortgage Insurance (LMI). The Government guarantees up to 15% of the property’s value to your lender, helping you get into your first home sooner.
To qualify, you generally need to:
- Be an Australian citizen or permanent resident, aged 18 or over
- Be a first home buyer who hasn’t owned property in Australia before or in the last 10 years
- Intend to live in the property as your principal place of residence
You’ll also need to meet your lender’s normal credit and home loan criteria.
You’ll need a minimum 5% of the property’s value saved as a deposit.
You can buy a new Townhome or House and Land package — as long as the property price is under the Scheme’s price cap.
(Your Frasers Property sales consultant can help you check which homes qualify in your chosen community.)
Price caps vary by location. For example:
- Victoria (capital city and regional centres): up to $950,000
- Victoria (other areas): up to $650,000
You can check the full list of property price thresholds at firsthomebuyers.gov.au.
No — that’s one of the biggest benefits of the Scheme. Normally, if you have less than a 20% deposit, you’d need to pay LMI. With the 5% Scheme, the Government acts as your guarantor so you can avoid this cost.
Yes! You can combine the 5% Scheme with other programs like the Victorian State Government First Home Owner Grant (FHOG) or relevant stamp duty concessions — helping make your first home even more affordable.
The Scheme allows eligible single parents and legal guardians to buy a home with as little as a 2% deposit.
No. Applications are made through participating lenders. Your lender will check your eligibility and lodge your application for the Scheme on your behalf.
(Frasers Property can connect you with approved lenders who are experienced with the Scheme.)
It’s easy:
1. Choose your preferred Frasers Property community
2. Chat to our sales team on 13 38 38 to find eligible homes
3. We’ll help guide you through the process with your lender to secure your place under the Scheme