Buying your first home
Your first home, planned from the deposit up, with every scheme you might qualify for checked along the way.
Reviewed by Anita Callaghan, Director and Principal Broker of Anita Finance, Credit Representative 557021.
Last updated .
The Australian Government 5% Deposit Scheme
The scheme was formerly known as the Home Guarantee Scheme, which included the First Home Guarantee.
Eligible first home buyers can buy with a deposit from 5%, and single parents or legal guardians from 2%. (Housing Australia)
From 1 October 2025, the scheme has had no income caps, no waitlists and no lenders mortgage insurance. (Housing Australia)
You apply through a participating lender as part of your home loan application, and there's a property price cap for each location. (Housing Australia)
Anita checks your eligibility and the price cap where you're buying, then arranges your application with a participating lender.
Stamp duty relief for NSW first home buyers
Under the NSW First Home Buyers Assistance Scheme, eligible buyers pay no transfer duty on a new or existing home valued up to $800,000. (Revenue NSW)
Homes valued over $800,000 and under $1,000,000 attract a concessional rate. (Revenue NSW)
For vacant land you plan to build on, the exemption applies up to $350,000, with a concession up to $450,000. (Revenue NSW)
Every state runs its own first home buyer schemes, and Anita checks what applies wherever you're buying.
Lenders mortgage insurance, explained
Lenders mortgage insurance protects the lender if a borrower can't repay their loan, and it doesn't protect you. (Moneysmart)
It's usually a one-off cost, charged when you borrow more than 80% of the property's value. (Moneysmart)
The 5% Deposit Scheme is one way to buy with a smaller deposit without it, and LMI waivers for eligible professionals are another.
From saving to settlement
Your deposit and schemes
Anita looks at your savings, income and plans, and checks every scheme you might qualify for.
Pre-approval
She helps you apply for pre-approval with a lender that may suit you, so you can make an offer with confidence.
Your offer accepted
Once you've found the one, Anita takes your application through to the lender's formal assessment.
Keys in hand
She stays with you to settlement and beyond, including your first loan review.
First home buyer questions
How much deposit do I need to buy my first home?
A 20% deposit usually means no lenders mortgage insurance, which lenders charge when you borrow more than 80% of a property's value.
Under the Australian Government 5% Deposit Scheme, eligible first home buyers can buy with a deposit from 5%, and single parents or legal guardians from 2%.
What happened to the First Home Guarantee?
The Home Guarantee Scheme, which included the First Home Guarantee, is now called the Australian Government 5% Deposit Scheme.
From 1 October 2025, the scheme has had no income caps, no waitlists and no lenders mortgage insurance.
Can I use the 5% Deposit Scheme through a mortgage broker?
You can't apply to the scheme directly, because it's only available through a participating lender as part of a home loan application.
Anita can arrange your application with a participating lender on her panel and check your eligibility first.
Do first home buyers pay stamp duty in NSW?
Under the NSW First Home Buyers Assistance Scheme, eligible first home buyers pay no transfer duty on a new or existing home valued up to $800,000.
A concessional rate applies to homes valued over $800,000 and under $1,000,000.
What's pre-approval, and do I need it?
Pre-approval is a lender's conditional indication of what it may lend you, before you've found a property.
It helps you house hunt with confidence, and Anita can help you apply for it once she knows your deposit, income and the schemes you qualify for.
Other ways Anita can help
LMI waivers for professionals
Lenders that waive mortgage insurance for eligible medical, legal and other professionals.
Read moreInvestment property loans
The next property structured with the one after it in mind.
Read moreSelf-employed, low doc and alt doc loans
Home loans for business owners and sole traders whose income comes in its own shape.
Read moreAbout Anita
Bank trained, now broking for families and business owners across Sydney and Australia.
Meet AnitaStart planning your first home.
Tell Anita roughly what you've saved and where you'd like to buy, and she'll come back to you with the schemes and lenders that fit.
The first conversation usually takes about 20 minutes, and it gives you a clearer picture of your options.
Monday to Friday, and after hours when needed.