First Home Buyers

We’re an approved lender for the Australian Government 5% Deposit Scheme.

Your customers may be eligible.

MyState Bank is a proud Participating Lender for the Australian Government 5% Deposit Scheme.

How does it work?

The Australian Government 5% Deposit Scheme helps your customers buy their first home with a minimum 5% deposit with a Government guarantee. No income caps, no waitlists and no LMI means they have lower upfront costs and could own their first home sooner. There are unlimited places available under the Australian Government 5% Deposit Scheme from 1 October 2025.

If you have a customer that you think they may be eligible, here are your next steps:

Review the scheme requirements

You can check eligibility of your customers using the Borrower Eligibility Tool on the Government website – a questionnaire to help identify borrower eligibility for the Scheme.

Submit the loan application

Make sure you include the Home Buyer Declaration Form.

Is your customer eligible?

If you can tick off all of these requirements, then most likely, your customer is eligible to receive the offer:

They’re applying on their own or jointly (max two applicants) with a partner, friend or family member
They are an Australian citizen or permanent resident who are at least 18 years of age
They have saved a minimum deposit of 5%
They are a first home buyer or have not owned a property or land in Australia in the last 10 years
They are buying a home in Australia priced at or below the location’s price cap
They are planning to live in the home as an owner-occupier (not an investment property)
They are applying for an owner occupied home loan with principal and interest repayments for a term up to 30 years (plus up to three years to build a new home)

Property Price Thresholds

Use the Property Price Cap Tool – a tool to help home buyers determine the property Price Caps for the suburb they are purchasing in.