To support you in your first home buyer journey, there are several types of support from the Australian and Queensland Governments that you may be eligible for.

The Australian Government 5% Deposit Scheme helps you buy your first home with a minimum 5% deposit with a Government guarantee.  No income caps, no waitlists and no LMI means you have lower upfront costs and could own your first home sooner subject to meeting eligibility criteria.

We’ve been approved as a First Home Buyer Guarantee Participating Lender by Housing Australia to offer you this option.

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Customer Owned Bank of the Year First Home Buyer QLD (2023 - 2025)

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Canstar

Outstanding Value - Variable Home Lender (2025 - 2026)

Eligibility

Scheme criteria

  • Australian citizen or permanent resident, at least 18 years old
  • Saved a minimum deposit of 5%
  • A first home buyer or have not owned a property or land in Australia in the last 10 years (at the home loan date*)
  • Buying a home in Australia priced at or below the location’s price cap
  • Planning to live in the home as an owner-occupier (no investment properties)
  • Applying for an owner-occupier home loan with Principal and Interest repayments from a Participating Lender, up to 30 years (plus up to 3 years to build a new home)
  • Applying on your own or jointly (max 2 applicants) with a partner, friend, or family member.

* The Home Loan Date is the date you sign your home loan agreement with your Participating Lender.

Key information

For detailed eligibility criteria review the documents below to determine which option you may be eligible for.

PDF document Scheme Fact Sheet
PDF document First Home Buyers Information Guide

To find out the property price threshold of a suburb you a looking to buy in you can try the handy tool here.

Eligible property types

An existing house, townhouse or apartment award badge

An existing house, townhouse or apartment

A house and land package award badge

A house and land package

Land together with a separate contract to build a home award badge

Land together with a separate contract to build a home

An off-the-plan apartment or townhouse award badge

An off-the-plan apartment or townhouse

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What is the First Home Owner Grant?

The First Home Owner Grant ($30,000) is a state government incentive helping first home buyers to buy or build a brand new home.

We can support first home buyers to complete an application for the First Home Owner Grant.

To access the First Home Owner Grant, you must be buying or building a new home valued less than $750,000 (including land and any contract variations). You must be 18 years or older and this must be the first residential property owned in Australia.

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What are the eligibility criteria to apply for the First Home Owner Grant?

The home:

  • must not have been lived in or sold as a place of residence at the time of completion
  • could be a
    • house, unit, duplex or townhouse; or a granny flat built on a relative's land
    • home that has been moved from one site to another (including kit homes or modular homes)
    • home in a manufactured home park
    • substantially renovated home
  • must be one of the following eligible transactions
    • new home
    • off-the-plan purchase
    • substantial renovation
    • contract to build
    • owner–builder
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Is there an option available for Single parents/legal guardians?

The Australian Government 5% Deposit Scheme can help you into your new family home if you have saved a minimum 2% deposit with a Government guarantee. No income caps, no waitlists and no LMI helps get you into your own home sooner. Applicants can have previously owned a home and still be eligible provided they no longer have an invested interest in the property.

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Are there other Government support programs that could support my First Home Buyer journey?

As a first home buyer you may also be eligible for other government support programs like the First Home Super Saver Scheme, state and territory First Home Owner Grants, and stamp duty concessions.

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Are there any costs or repayments associated with the Scheme?

There are no costs or repayments associated with the Scheme. However, first home buyers are responsible for meeting all costs and repayments for the home loan associated with the Scheme.

 

The information provided on this page is general in nature and does not constitute financial or legal advice. Eligibility for government grants and schemes may vary based on individual circumstances and location. The Australian Government 5% Deposit Scheme eligibility criteria apply. We recommend visiting the official government websites listed to verify your eligibility and obtain the most up-to-date details.

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