First home buyers.
We’re proud to be a participating lender of the Australian Government 5% Deposit Scheme to help make home ownership happen sooner, with a smaller deposit and a Government guarantee provided to us for your loan.
Key features.
Flexibility to choose the type of home that suits your lifestyle, location and budget, including:
- Low deposit:
Minimum 5% for first home buyers
- No income caps currently apply under the Scheme:
Your income doesn’t restrict your access
- Reducing upfront costs:
Eligible borrowers do not pay Lenders Mortgage Insurance (LMI)
- Government-backed support:
A Government guarantee is provided to us for your loan
- No waiting list:
Applications are currently available with no waiting list
Are you eligible?
To access the Scheme, you need to meet eligibility criteria including:
- Australian citizen or permanent resident, and be at least 18 years old
- Saved a minimum deposit of 5% for first home buyers and 2% for single parents or legal guardians
- First home buyer or not have owned a property in Australia or overseas in the last 10 years
- Applying on your own or jointly (max 2 applicants) with a partner, friend, or family member
- Single parents must not have any other property interest once your new home settles. Applying on your own (no joint applications)
- 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 for a term of up to 30 years
Use the Eligibility Tool as a guide to see if you are eligible.
Eligible property types and price caps.
- Existing house, townhouse or apartment
Both the purchase price and the home’s value must not exceed the price cap. Use the Postcode search tool to determine the price cap for the area you'd like to buy.
More
information.
For more information, visit the Australian Government 5% Deposit Scheme or download the fact sheet, guides and form below:
Australian Government 5% Deposit Scheme Fact Sheet
Information Guide for First Home Buyers
Information Guide for Single Parents
Ready to get started?
Speak to your mortgage broker to explore Resimac home loan options that could suit you.
Disclaimer
This page includes general information and guidance provided by Housing Australia in relation to some of the features of the Scheme for first home buyers and single parents. It does not consider any borrower’s objectives, financial situation or needs and should not be relied upon as being complete or for any purpose. Credit approval subject to Resimac’s lending criteria. Terms, conditions and eligibility apply.