The First Home Buyer Scheme is part of the Australian Government 5% Deposit Scheme, an initiative to support eligible home buyers to buy a home sooner.
You can buy your first home with a minimum 5% deposit and backing from the Australian Government. No income caps, no waitlists and no LMI means lower upfront costs and you could own your own home sooner.
You can find more information about the Scheme and eligibility criteria on the Australian Government 5% Deposit Scheme website.
There are unlimited spots and no waiting list.
To be eligible, home buyers applying for the Scheme must have a minimum 5% deposit, and can include first home buyers or previous home owners who haven't owned a property in the 10 years prior to the date they execute their home loan.
Prior property ownership includes a freehold interest in real property in Australia (this includes owning land only), an interest in a lease of land in Australia with a term of 50 years or more, or a company title interest in land in Australia.
Planning to live in the home as an owner-occupier (no investment properties).
Australian citizens or permanent residents, at least 18 years old.
Applying on your own or jointly with one other person (partner, friend, or family member).
If you would like to know more about the Scheme for First Home Buyers, please visit the Australian Government 5% Deposit Scheme website. You can also download the First Home Buyers Information Guide and the Australian Government 5% Deposit Scheme Fact Sheet. For more information about QBANK Home Loans (including credit eligibility criteria, terms and conditions, fees and charges) please visit our Home Loan Key Fact Sheet.
