Australian Government 5% Deposit Scheme: a loan guarantee
Eligible first home buyers can apply with a minimum 5% deposit through a participating lender, without lenders mortgage insurance. A separate pathway supports eligible single parents or legal guardians with a minimum 2% deposit. The government guarantees part of the loan; you remain responsible for the repayments and buying costs.
- Check the buyer rules, local property price cap and owner-occupancy obligations.
- Apply through a participating lender, which assesses both scheme eligibility and the home loan.
Help to Buy: shared equity
Help to Buy is available across Australia, including Victoria. Eligible buyers need at least a 2% deposit. The government can contribute up to 30% of the purchase price for an existing home or 40% for a new home, in exchange for an equity share. Its share changes in value with the property and must eventually be repaid.
- Check citizenship, income, property ownership and location price limits, plus ongoing review requirements.
- Apply through a participating lender; review the obligations for buying back the government’s share or selling.
Victorian First Home Owner Grant: help with a new home
Victoria’s First Home Owner Grant is a $10,000 payment for eligible buyers purchasing or building a new home worth up to $750,000. It does not generally cover established homes. Confirm the property, applicant and occupancy rules with the State Revenue Office.
- Check how the property value is assessed for the type of purchase or build.
- Follow the SRO application pathway, usually through an approved agent such as your lender.
First home buyer stamp duty relief: reduce purchase costs
Stamp duty relief is separate from a grant or loan guarantee. Use the Victorian guide to check exemptions, concessions and the effect on your buying budget. If you are purchasing interstate, check that state or territory’s revenue office instead.
First Home Super Saver: a deposit saving pathway
The First Home Super Saver scheme lets eligible buyers access eligible voluntary super contributions and associated earnings for a home deposit. Up to $15,000 of eligible contributions per financial year and $50,000 overall can count towards the scheme; the ATO determines the releasable amount.
- Check eligibility and your super fund’s participation before making contributions.
- Request a determination and release through the ATO, following its timing rules before completing a purchase.
Compare support before committing to a property
Write down the deposit, buying costs and repayments for each option you are considering. A smaller upfront contribution can change the size of your loan or introduce longer-term obligations. Compare those trade-offs alongside any immediate saving.
Prepare your income evidence, savings history, property details and intended settlement date. Chris Berry can help you assess lending options, while your conveyancer and relevant scheme administrator confirm the rules for the purchase.
Common questions
Questions first home buyers ask
Can first home buyers use more than one form of assistance?
Sometimes. Help to Buy permits eligible grants and stamp duty relief, but cannot be combined with another government purchase guarantee or shared equity scheme. Check each program separately before including combined assistance in your budget.
Are first home buyer schemes available for every property?
No. Price caps, property types, occupancy requirements, locations and other restrictions may apply.
Does a government guarantee mean the government pays my deposit?
No. A guarantee supports part of an eligible loan. The buyer still provides the required contribution and remains responsible for repayments and other purchase costs.