Australian Government 5% Deposit Scheme

Savings for your first home can take time. Central Murray Bank (CMB) is an approved lender for the Australian Government 5% Deposit Scheme (Scheme) to support home buyers who have saved a small deposit, and meet other eligibility criteria, to purchase a home sooner.

With the support of the Australian Government, eligible home buyers can purchase a home with a deposit from just 5% for first home buyers and 2% for single parents or legal guardians.

The Australian Government provides a guarantee to help bridge the gap – making it easier for you to secure a home loan through CMB.

Key Features & Benefits

Discover how the Scheme could help you own your first home sooner:

feature
Low deposit	Minimum 5% for first home buyers and 2% for Single Parents or Legal Guardians
No income caps	Your income doesn't restrict your access
Avoid extra costs	No LMI, reducing upfront costs
Wide choice of home types	Houses, townhouses, apartments, house/land packages, off-the-plan, or building on vacant land – all below location price caps
Government-backed support	A Government guarantee is provided to the lender for your loan
Unlimited spots and no waiting list	Apply when you're ready, no queues

Low deposit

Minimum 5% for first home buyers and 2% for Single Parents or Legal Guardians

No income caps

Your income doesn't restrict your access

Avoid extra costs

No LMI, reducing upfront costs

Wide choice of home types

Houses, townhouses, apartments, house/land packages, off-the-plan, or building on vacant land – all below location price caps

Government-backed support

A Government guarantee is provided to the lender for your loan

Unlimited spots and no waiting list

Apply when you're ready, no queues

apply now

Eligibility

To access the Scheme, you need to meet borrower eligibility criteria including:

First Home Buyers

Be an Australian citizen or permanent resident and be at least 18 years old.

Have saved a minimum deposit of 5%

Be a first home buyer and must not have owned a property or land in Australia in the last 10 years.

Be applying on your own or jointly (max 2 applicants) with a partner, friend, or family member

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 from a Participating Lender, up to 30 years (plus up to three years to build a new home)

Buying a home in Australia priced at or below the location's price cap

click for more information

Single Parents or Legal Guardians

Be an Australian citizen or permanent resident and be at least 18 years old.

Have saved a minimum deposit of 2%

Be a single parent or single legal guardian of one or more dependent children.

May have owned property in the past 10 years but must not have any other property interest once your new home settles.

Must apply on your own (no joint applications)

Applying for an owner-occupier home loan with Principal and Interest repayments from a Participating Lender, up to 30 years (plus up to three years to build a new home)

Buying a home in Australia priced at or below the location's price cap

click for more information

Use the Government's eligibility tool to see if you are eligible to use the Scheme

check your eligibility

Eligible property types

existing house, townhouse or apartment

house and land package

land and a separate contract to build a home

off-the-plan apartment or townhouse

Property price caps

You will need to understand the property price caps for your state or territory. Property price caps are the same for first home buyers and single parents. Use the postcode search tool below to find the price cap for the area you would like to purchase in.

find your property price cap