Australian Government 5% Deposit Scheme
See if you qualify for a home loan with a low deposit without needing to pay Lenders Mortgage Insurance. Talk with a specialist today.
Your key to homeownership, sooner
Lenders often need you to have a 20% deposit. And if you don't, you may need to pay Lenders Mortgage Insurance (LMI). With the Australian Government 5% Deposit Scheme, you could buy a home sooner with a deposit as low as 2% or 5%. Let’s see if you qualify.
How it works
Am I eligible for this Government Scheme?
To qualify for the Scheme, you need to at least meet these criteria:
- Australian citizen(s) or permanent resident(s) over 18 years old
- Applying for an owner occupier home loan with Principal & Interest repayments
- Single parent or single legal guardian (min 2% deposit) with at least one dependent child, you don’t own a property or won’t own a separate property upon settlement of your new home (Single Parents)
- Or a first home buyer (min 5% deposit), or a previous home buyer who hasn't owned a home in the last 10 years (First Home Buyer).
Explore these two pathways
Single Parents: min 2% deposit and no LMI
About me
- Single parent or single legal guardian with at least one dependent child
- Australian citizen or permanent resident over 18 years old
- First home buyer or previous home buyer who doesn’t currently own property or who doesn't own a separate property when I settle on my new home
What sort of home can I buy?
Any residential property in Australia priced below the property price caps. Properties include:
- Existing or newly-built property
- Off-the-plan property
- Vacant land with a fixed price contract to construct a residence
- House & land package
What type of home loan can I apply for?
- An owner occupier home loan, for a property you'll live in
- A loan on Principal & Interest repayments (except during the construction phase, if building a new home)
Applying is simple

Step 1: Get started
Book an appointment with us and spill the beans about your dreams. No credit check – just a friendly chat.
Step 2: Loan and options
A lending manager will call to guide you through the whole process – and could help you find what you best suit for your short and long-term plans.
Step 3: On to settlement
Once approved, you've got 90 days to seal the deal on your new home. And there's no obligation until you accept your rate and loan offer.
FAQs
Lenders Mortgage Insurance (LMI) is a cost that most lenders need you to pay if your home loan deposit’s less than 20%. This protects the lender if you can’t repay the loan. It can cost thousands, and can either be added to your loan or paid upfront.
If your loan’s eligible for the Scheme, there’s no need to pay LMI.
It's easy to get started
Book an appointment
A member of our team will be in touch at a time that suits you.
- They’ll answer your questions and guide you through your next steps.
- A lender can start your application for you.
Our Home Loans
We offer a range of mortgages to suit your needs.
Some key features
Learn about the different features of your home loan and see how they could affect you.
Important information
Conditions, credit criteria, fees and charges apply. Based on BankSA credit criteria, residential lending is not available for Non-Australian Resident borrowers. This info has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the info and, if necessary, seek appropriate professional advice.
Advantage Package – Terms and Conditions (PDF 434KB)
To find out more visit the Scheme website.
+LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the banks valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan. Any applicable LVR discount has been included in the advertised eligible rate.