Explainer: What you need to know about Australia’s new 5% First-Home Buyer Deposit Scheme

Labor announces an expansion of its first home buyer deposit scheme Credit: Storyblocks / Amazing Aerial

From October 1, first-home buyers can enter the housing market with just a 5% deposit under the government’s expanded scheme. Here’s how it works, who’s eligible, and why experts say it could change the property market.

How It Works: Buyers pay only 5% deposit; the government guarantees the remaining 15%, avoiding costly lenders’ mortgage insurance.
What Changed: No more income caps, higher property price limits, and access for all first-home buyers.
The Debate: Supporters say it helps young Australians get into the market sooner; critics warn of rising property prices and debt if supply does not increase.

Paano makakuha ng home loan ang mga first-homebuyers sa Australia?

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