Australian Government 5% Deposit Scheme
The Australian Government 5% Deposit Scheme is for aspiring first home buyers with a minimum 5% deposit, or single parents with a minimum of 2%. The Scheme is administered by Housing Australia.
MyState Bank is a proud Participating Lender for the Australian Government 5% Deposit Scheme.
What guarantees are available?
First home buyers
The Scheme helps first home buyers who have saved a minimum 5% deposit with a Government guarantee.
Single parents
The Scheme helps single parents or legal guardians who have saved a minimum 2% deposit with a Government guarantee.
Which Guarantee is the right match for your customer?
For the Australian Government 5% Deposit Scheme, you can check the complete eligibility criteria on the Housing Australia Website. The following conditions will generally apply:
| First home buyers | Single parents | |
|---|---|---|
| Minimum deposit | 5% | 2% |
| Number of applicants | Maximum of 2 applicants | Single applicants only |
| Citizenship | Must be an Australian Citizen or an Australian Permanent Resident, at least 18 years old. | |
| Prior property ownership | First home buyers or people who have not owned a property or land in Australia in the last 10 years. | Single parent or single legal guardian of one or more dependent children who do not have any other property interest once your new home settles. |
| Purchase location | Australia wide | |
| Property price cap | You can check the property price threshold for your property’s suburb and postcode using the official Property Price Cap Tool. | |
