Another First Home Buyers' Loan Settled!!!

There is nothing more satisfying than helping a young couple acquire their first dream home.

With another one under my belt, I feel genuinely blessed to work as a mortgage broker making dreams come true for aspiring, hard working young couples. If you are ready to stop renting and start owning, the Australian Government 5% Deposit Scheme is one of the best paths forward.

What Is the 5% Deposit Scheme?

The Australian Government 5% Deposit Scheme, formerly known as the Home Guarantee Scheme, allows eligible home buyers to purchase a home with a minimum 5% deposit and Government backing. For single parents and legal guardians, the minimum deposit drops to 2%. Because the Government stands behind part of the loan, eligible buyers may avoid Lenders Mortgage Insurance, which keeps upfront costs lower and brings home ownership much closer.

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Who Can Use the Scheme?

The Scheme is designed for first home buyers with a minimum 5% deposit. You may also qualify if you have not owned property in Australia in the last ten years. Following recent changes, there are no income caps and no waitlists. To show the scale of the benefit, the Government highlights a Brisbane first home buyer purchasing a $1 million home with a $50,000 deposit, potentially saving up to 10 years on the path to home ownership.

What Changed on 1 October 2025?

On 1 October 2025, the Australian Government expanded the Scheme to support more Australians into home ownership. Housing Australia has described the expansion as a way to help more people secure their own place sooner. For young couples who assumed a 20% deposit was their only option, this is a genuinely different conversation.

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Why Talk to Us?

Knowing the Scheme exists is one thing. Comparing the right loan and preparing a strong application is another. A boutique mortgage broker like Mool Bhargava can explain the fine print in plain English and compare options across a panel of more than 55 lenders. At Em Bee Finance, principal broker Mool Bhargava supports first home buyers from the first chat through to settlement, with honest, low-pressure advice.

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Frequently Asked Questions
Who is eligible for the First Home Buyer 5% Deposit Scheme?

You may be eligible as a first home buyer with a minimum 5% deposit, or as a single parent or legal guardian with a minimum 2% deposit. People who have not owned property in Australia for the past ten years can also apply. Since 1 October 2025, the Scheme has operated with no income caps and no waitlists.

Do I still need Lenders Mortgage Insurance?

One of the main advantages of the Government backed Scheme is that eligible buyers may not need Lenders Mortgage Insurance. With the Australian Government guaranteeing part of the loan, lenders carry less risk, which means lower upfront costs for you. Your broker can confirm whether this benefit applies to the loan you choose.

How can a mortgage broker help me use the Scheme?

A local broker can assess your situation, compare home loans across multiple lenders and help you work out whether the 5% Deposit Scheme suits your goals. At Em Bee Finance, the process is personal and low pressure, with principal broker Mool guiding you from your first conversation all the way to settlement.