The Australian Government 5% Deposit Scheme

The Australian Government 5% Deposit Scheme makes home ownership more achievable by helping you buy sooner with a small deposit, supported by a Government guarantee.

There are unlimited places available under the Australian Government 5% Deposit Scheme from 1 October 2025. You can access the Scheme if:

• You are a first home buyer with a minimum 5% deposit
• You are a single parent or legal guardian with a minimum 2% deposit

The Scheme features:

• Low deposit options
• No income caps
• No Lenders Mortgage Insurance (LMI)
• Wide choice of home types

The Regional First Home Buyer Guarantee is closed to new applications from 1 October 2025, as regional home buyers now have unlimited access to places under the First Home Guarantee and Family Home Guarantee

Who is eligible

The schemes administrator, Housing Australia has developed a tool that can assist home buyers to understand if they meet eligibility criteria for the Scheme.    

For further details

• You can download the information guides and fact sheet here.

• You can visit Australian Government 5% Deposit Scheme.

• You can check your eligibility with the tool of Housing Australia.

How to apply

BankWAW is a participating lender and is proudly supporting the Government's Deposit scheme. 

To learn more or to register your interest, please call us on 1300 368 555, or visit your closest Service Centre and discuss your interest with a local loans officer.