Adam Empringham,
Director of Sales at Image Property.
Get ready for the 5% deposit Home Guarantee Scheme starting 1 October
From 1 October, the expanded Home Guarantee Scheme will allow eligible first home buyers to purchase with just a 5% deposit.
With property price caps lifted, income caps removed, and unlimited places available, this is a major opportunity for those looking to get into the market.
Here’s how to prepare so you’re ready when the scheme begins:
Confirm eligibility
You must be a first-time buyer and an Australian citizen or permanent resident. You can also buy with a partner, family member, or friend – as long as neither of you has owned a property in the last 10 years. Use the official Home Guarantee Scheme Eligibility Tool to check.
Review your finances
While the deposit is lower, you’ll still need to cover costs like stamp duty, legal and building inspections, and moving expenses. Remember: a smaller deposit means borrowing more, so factor in higher repayments and interest. Having a financial buffer is essential.
Speak to a broker
Over 30 lenders are participating in the scheme, which means there’s plenty of choice – but also a lot to navigate. Our partners at Inovayt Finance can help you understand your options, talk through potential risks, and guide you toward the right lender for your situation.
As more buyers enter the market under the scheme, having a clear plan and speaking with a broker early could make all the difference. By planning ahead with a broker, you’ll put yourself in the best position to secure the right property with confidence.
Get pre-approval sorted
Pre-approval helps you move quickly when you find the right property. Be ready with documents such as pay slips, bank statements, ATO assessments, and identification to avoid delays.
Start researching the market
You don’t need to wait until October to begin your search. Familiarise yourself with listings and prices in your preferred suburbs. Keeping an eye on market movements now means you’ll be ready to act with confidence when the scheme takes effect.
Contact us today to speak with our team of property experts – we’re here to guide you through the process and help you take this exciting step with confidence.
