Excellent

Australian Government 5% Deposit Scheme

Supporting eligible Australians to buy sooner with as little as a 5% deposit.

Help to reach your home ownership goals

You could buy your first home sooner and with a smaller deposit with help from Liberty and the Australian Government 5% Deposit Scheme.

With less savings needed upfront, no waiting lists, and your choice of property type, the 5% Deposit Scheme could help fast-track your homeownership goals.

The Scheme allows home buyers to purchase property with a deposit as low as 5%, without paying Lenders Mortgage Insurance (LMI), which is typically required when buying with a deposit below 20%. Or, if you’re a single parent or legal guardian, you could buy a home with a minimum 2% deposit.

Key features

Low deposit

Buy a home with as little as 5% deposit (2% for single parents or legal guardians).

Avoid extra costs

No Lenders Mortgage Insurance (LMI), reducing upfront costs.

Wide choice of home types

Property types under the Scheme include houses, townhouses, apartments and more.

No income caps

Income doesn’t restrict your access.

Unlimited spots and no waiting lists

Apply when you’re ready, no queues.

Government-backed support

A Government guarantee is provided to the lender for your loan.

Am I eligible?

To access the 5% Deposit Scheme, you’ll need to meet the eligibility criteria:

You’re at least 18 years old
You’re an Australian citizen or permanent resident
You plan to live in the home (it’s not an investment property)
You have a minimum 5% deposit (or 2% for single parents/legal guardians)
The property you’re buying is in Australia and is below the applicable price cap
You’re a first home buyer or haven’t owned property in Australia in the last 10 years
You're applying for an owner-occupier home loan with principal and interest repayments from a participating lender, for a term of up to 30 years (plus up to 3 years if you’re building a new home)
You're applying on your own or jointly with one other applicant, such as a partner, friend or family member (Single parents/legal guardians must apply on their own)

Find out more

Under the Scheme, a Government guarantee is provided to the lender for eligible loans. Standard Liberty lending criteria apply.

You can find more information about the Australian Government 5% Deposit Scheme and check the property price cap for your postcode at firsthomebuyers.gov.au.

Or download these fact sheets: