Six quick questions on the things that decide whether the 5% Deposit Scheme fits you.
What could a 5% deposit get you?
No LMI: an estimated $22,800 premium avoided (a broad guide; real premiums vary by lender and loan).
Stamp duty: $0 for eligible NSW first home buyers (saves $30,187).
Indicative only. The deposit excludes stamp duty, legal and inspection costs, and a participating lender, not this calculator, confirms 5% Deposit Scheme eligibility.
Confirm your numbers.
Possibly, if you are an Australian citizen or permanent resident, have not owned property in the last ten years, and are buying under the price cap, $1.5 million in Sydney. There are no income caps, and you need at least a 5 per cent deposit.
The checker gives an indicative answer; Housing Australia and the lender decide eligibility.
Part of the first home buyer loans guide.
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Book my free callA huge thank you to Charlie for his exceptional support and expertise throughout the process of securing finance for my first home.
I have had a number of dealings with Charles from Links Property Finance. He is very knowledgeable, thorough, and detailed with his advice. Importantly, he is very approachable and easy to deal with. His advice has been beneficial to myself and my acquaintances. I highly recommend him.
Charles looked after us really well and his knowledge gave us the confidence to purchase our property. He wasn’t pushy and always ensured we felt comfortable with the repayments.
Indicative only, not advice or an eligibility decision. Eligibility is assessed by Housing Australia and your lender.
Charles Touma, Mortgage Broker.
Confirm it properly before you commit to anything. The checker is a filter, not a decision. Scheme places, lender participation and your own eligibility all need verifying, and not every lender participates.
That is a short conversation and it is worth having before you start attending inspections at a price the scheme may not support.
No, and it cannot be. Eligibility is assessed by Housing Australia and by the participating lender against verified information. This tool asks the questions that most often determine the answer so you know whether the scheme is worth investigating.
No. Participation varies, and the lender that suits your income situation may not be a participating lender, or may have its own overlays on top of the scheme criteria. That is one of the things worth checking before you settle on a lender.
Sometimes, and the combinations are the part most people get wrong. Some supports stack and some are mutually exclusive. The first home buyer schemes guide covers what can sit together.
Nothing changes about your savings. It changes the route in. A smaller deposit without the scheme usually means lenders mortgage insurance, and a guarantor arrangement is a different route again. Both are covered in the low deposit guide.
It can: you avoid the insurance premium, but you borrow more against a smaller deposit, so the loan and the repayments are higher than with a bigger deposit. Whether that trade is worth it depends on your numbers and how long saving longer would take.
Charles will confirm whether the scheme fits, which participating lenders suit your income, and what the deposit needs to be. Free, no credit check.
Estimates only, not credit or financial advice. This tool uses general assumptions and cannot see your credit file, verify your income or apply any particular lender's policy. Your position is confirmed in a full assessment.
Official sources for the figures on this page: Housing Australia, Australian Government 5% Deposit Scheme. Scheme rules change; the official pages are the final word. Checked against these sources on 12 October 2026.
