First Home Guarantee eligibility checker

The Australian Government 5% Deposit Scheme (First Home Guarantee) lets eligible first home buyers purchase with a 5% deposit and no lenders mortgage insurance. Since 1 October 2025 there are no income caps or place limits.

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Find out what you can really borrow and which lenders accept a 5% deposit.

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How it works

Key rules (Victoria)

  • Minimum 5% deposit of the lender-assessed property value (2% for eligible single parents/legal guardians in the Single Parent stream). Both the price and the property value must be at or under the cap. Also open to people who haven't owned property in Australia in the last 10 years.
  • Price caps: $950,000 in Melbourne and Geelong; $650,000 elsewhere in Victoria (incl. Ballarat and Bendigo). Use Housing Australia's postcode tool to confirm.
  • 18+, Australian citizen or permanent resident, owner-occupier.
  • Apply through a participating lender or a mortgage broker who works with one.
Frequently asked questions
Is there an income cap for the First Home Guarantee?
No. Income caps were removed from 1 October 2025.
What is the price cap in Melbourne?
$950,000 for Melbourne and Geelong, $650,000 for the rest of Victoria.
Do I pay LMI?
No — the government guarantees up to 15% of the loan so you avoid lenders mortgage insurance.
Sources & rates

Rates checked 25 October 2026.

General information only — not financial, tax or legal advice. Results are estimates based on published government rates and simplified assumptions, and do not consider your personal circumstances. Always confirm with the State Revenue Office, the ATO, your lender, a licensed mortgage broker or a qualified adviser before making decisions.