On 1 October 2025, the Government announced a 5% Deposit Scheme to support eligible home buyers by reducing the upfront deposit needed to purchase their first home. Below is a simple guide to how this works.

Step 1: Check your eligibility and start saving
Confirm you meet the eligibility criteria here and begin saving your 5% deposit.

Step 2: Get pre-approval
Speak with a participating lender and apply for a home loan. They will assess your finances and confirm how much you can borrow under the scheme.

Step 3: Find your home and sign the contract
Once pre-approved, find a property within your budget and the price cap for your area. LUMA has a selection 2-4 bedroom homes available here. When you find the right home, sign the contract and make sure your 5% deposit is ready.

Step 4: Final approval and settlement
After the contract is signed, your lender will complete final checks and approve the loan. Settlement follows and your new home awaits.

For more information, visit firsthomebuyers.gov.au