EXPANDED 5% SCHEME OPENS MORE DOORS

The government has expanded the 5% Deposit Scheme, making it more accessible for first home buyers who want to enter the market without a large deposit.

There are now no income caps, unlimited places and higher property price caps – ranging from $500,000 in regional South Australia to $1.5 million in Sydney.

If you’ve written off the scheme in the past because your budget didn’t fit the old limits, it may be worth revisiting.

Key things to know before applying

• You must live in the home as your principal residence.
• Higher price caps do not increase how much you can borrow.
• A government guarantee does not replace normal credit checks.

This 5% Deposit Scheme can be a smart pathway into ownership, but you want to make sure the repayments fit comfortably. I can show you how the numbers look with and without the scheme.

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