Australian First Home Buyer Specialist
Buy Your First Home With As Little As 5% Deposit
Smartlend has helped Australian first home buyers use the Government's 5% Deposit Scheme to get into the market sooner. Our service to you is free but other fees may apply
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15-MIN CONSULTATION
Book a call with Stephanie
No obligation. She'll call you at a time that suits you.
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AUSTRALIAN 20% DEPOSIT MYTH
Many first home buyers save for longer than they need to
Many first home buyers believe they need a 20% deposit. Under the Australian Government 5% Deposit Scheme, administered by Housing Australia, eligible first home buyers can buy with a minimum 5% deposit. The Government guarantees part of the loan to the lender, which means eligible buyers do not pay Lenders Mortgage Insurance. A smaller deposit means a larger loan and more interest over the life of the loan.
What most people think they need
20% deposit
$160,000
A 20% deposit on an $800,000 property
What an eligible buyer may need
5% deposit
$40,000
Eligible buyers do not pay Lenders Mortgage Insurance. Borrowing 95% means a larger loan and more interest over the life of the loan.
IF ELIGIBLE FOR THE SCHEME
You may be eligible if
You are an Australian citizen or permanent resident, aged 18 or over.
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You are a first home buyer, or have not owned property or land in Australia in the last 10 years.
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You have a deposit of at least 5% of the purchase price.
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The property is at or below the price cap for its location. In NSW that is $1,500,000 for Sydney and $800,000 for other areas.
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You will live in the home as an owner-occupier, on a principal and interest loan through a Participating Lender.​Investment properties are not eligible.
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You meet the lender's credit criteria. Meeting the Scheme criteria does not mean your loan will be approved.
Things to consider
Borrowing up to 95% means higher repayments and more interest paid over the life of the loan.
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A larger loan leaves less buffer if rates rise or property values fall.
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The Government guarantee is provided to your lender. It is not a cash grant, and you are responsible for all repayments and costs.
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You must keep living in the property as an owner-occupier. If you do not, the guarantee may stop applying and your lender may require you to pay Lenders Mortgage Insurance.
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Scheme rules and price caps can change. Check firsthomebuyers.gov.au for current details.
Example only, based on a purchase price of $800,000. It does not include stamp duty, legal fees, lender fees or other purchase costs. Your deposit and total costs will depend on the property price and location. Scheme eligibility is set by the Australian Government, and loan approval depends on the lender's credit criteria. This is general information only and does not take into account your objectives, financial situation or needs.
HOW IT WORKS
Three steps to your first home
1
Fill in your details
Takes about a minute. We just need your name, phone number and a time that suits you.
2
Your call with Stephanie
We learn about your situation and what you are trying to achieve. Statements, payslips and other documents are required before any credit advice can be given.
3
We compare your options
Once we have completed a full assessment, we help you find a loan suited to your needs from our panel of lenders.
WHY SMARTLEND
You deal with Stephanie directly.
Experienced with the 5% Deposit Scheme
Stephanie has helped first home buyers use the scheme to purchase their first home. Eligibility criteria apply.
No fee for our service
You are not charged a fee for our service. We are paid a commission by the lender if your loan settles, and we disclose this to you in writing before you apply.
MFAA accredited broker
Not tied to one bank. Stephanie compares home loan options across a wide panel of lenders to find the right fit for you.
Smartlend Mortgage Broking Services is a registered business name of Blue Lion Consulting Pty Ltd, ACN 649 480 053. Stephanie Kiley is a credit representative 531281 of BLSSA Pty Ltd, ACN 117 651 760, Australian Credit Licence 391237.
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The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.
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Our service to you is free but other fees may apply, including lender application fees, valuation fees and government charges.
Information about the Australian Government 5% Deposit Scheme, formerly the First Home Guarantee, is a summary only. Full eligibility criteria, property price caps and income tests are available at firsthomebuyers.gov.au.
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