Imagine unlocking the door to your very own home, sooner than you ever thought possible. With the Australian Government’s 5% Deposit Scheme, aspiring home buyers just like you can finally achieve that dream!
Whether you’re starting out or starting over, the 5% Deposit Scheme (previously known as Home Guarantee Scheme) means you can secure a cosy townhouse, family home or vacant block of land with a minimum 5% deposit with no Lenders Mortgage Insurance.
Key Features and Benefits.
- Low deposit options: Minimum 5% for first home buyers.
- No income caps: Support for all Australians, no matter your income.
- No Lenders Mortgage Insurance: Save on upfront fees.
- Wide choice of home types: Houses, townhouses, apartments, house/land packages, off-the-plan, or building on vacant land.
- Government backing: A Government guarantee is provided to the lender for your loan.
- Unlimited spots and no waiting list: Apply when you’re ready.
How do I secure a spot in the scheme?
John Berghella, General Manager at MyChoice Home Loans says, “Securing a spot in the 5% Deposit Scheme is very similar to the pre-approval process with a lender, meaning you don’t need to have a land or build contract already. By applying, your space will be reserved for up to 90 days, and if this lapses, you can apply again.”
- Check your eligibility here or read the information guide.
- Contact MyChoice Home Loans who’ll assess your eligibility, guide you through loan options and submit your application.
- Search for a home! Once approved you’ll have up to 90 days to sign a contract of sale.
- Buy your home and move in. Once a contract of sale is signed your lender will manage final approvals. Congratulations you’re a homeowner!
What lenders are participating in the scheme?
There are over 30 authorised lenders across Australia, making home ownership more achievable.
Working alongside MyChoice Home Loans, we’ll remove all the stress and do the hard work of finding the perfect lender and loan that suits you
Am I eligible?
You need to meet the below criteria:
- You are a first-time buyer or have not owned a property in 10 years or more.
- You intend to purchase an existing home or build a brand-new home.
- You intend to live in the home (principal place of residence).
- You are not purchasing as an investment property, or are purchasing on someone’s behalf.
- You are an Australian citizen or permanent resident.
For more detailed information on how you can meet these eligibility prerequisites, seek advice from government resources or speak to our finance specialists at MyChoice Home Loans.
Are you building a new home?
Building your brand-new home is so much easier with a land and construction loan backed by expert advice and ongoing support.
As construction home loan specialists, the team at MyChoice Home Loans will partner with you along every step of the building journey. From the initial conversation, MyChoice Home Loans offers convenience, choice, and clear information and communication giving you peace of mind throughout the entire build journey.
Plus, we’ve created specific home loan products that are exclusive to builders proudly supported by the NEX Building Group, which could potentially save you thousands.
We’ll work towards getting your loan approved faster and continue to provide support throughout the entire life of your loan, so that you can feel confident and relaxed knowing your finances are taken care of.
Take the leap.
Ready to apply? Chat to your local MyChoice Home Loans consultant today. With offices in NSW, ACT, QLD, VIC, TAS and SA we cannot wait to help you achieve your home ownership dreams in 2026
