Your guide to the Australian Government 5% Deposit Scheme
This guide will walk you through the Scheme and how to check if you’re eligible.
First home buyers
Making first homes happen
Buying your first home is a big step our local experts make feel smaller.
Real Deal - Special 1
5.99
%**
p.a.
Comparison rate
6.03
%*
p.a.
Min. loan $150K, LVR ≤80%. T&C's fees, charges and credit criteria apply.
Schemes for first home buyers and single parents
The Australian Government 5% Deposit Scheme makes home ownership more achievable by helping you buy sooner with a small deposit, supported by a Government guarantee. Under the Scheme, first home buyers can purchase with as little as a 5% deposit, while single parents may be able to buy with just 2%.
From 1 October 2025, the Scheme will have increased property price caps and fewer eligibility restrictions, giving more Australians the chance to access the benefits.
As an approved lender, we can guide you through the application process and help secure your place in the Scheme, so you can take that next step towards owning your first home with confidence.
Designed to help first home buyers get into the property market sooner. The Scheme helps eligible buyers who have saved a minimum 5% deposit with a Government guarantee, removing the need to pay Lenders Mortgage Insurance (LMI).
Making home ownership more achievable for first-time buyers who have started saving but might not yet have a full deposit. Check the Postcode Search Tool to find the price cap for your desired location.
For more information and the eligibility criteria:
- Visit First Home Buyers
- Read the First Home Buyers Information Guide
- Read the Scheme Fact Sheet
Designed to help single parents and legal guardians buy a home for their family sooner. The Scheme helps eligible buyers who have saved a minimum 2% deposit with a Government guarantee, removing the need to pay Lenders Mortgage Insurance.
Making home ownership more achievable for single parents who are working hard to save, but may find it challenging to reach a larger deposit. Check the Postcode Search Tool to find the price cap for your desired location
For more information and the eligibility criteria:
- Visit First Home Buyers
- Read the Single Parents Information Guide
- Read the Scheme Fact Sheet
Find a loan to match your home
Compare 4 products
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Premium Plus Package Fixed Rate
For those seeking to switch to fixed.
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Premium Plus Package Variable Rate
Work your home loan.
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Fixed Rate Home Loan
Enjoy the certainty of knowing your repayments.
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Variable rate
5.99
%**
p.a.
Comparison rate
6.03
%*
p.a.
Real Deal - Special 1 available for owner occupied principal & interest loans $150k+, with LVR of 80% or less.
|
2yr fixed rate
6.29
%#
p.a.
Comparison rate
7.82
%*
p.a.
Owner occupied home loans with principal and interest repayments and an LVR of less than or equal to 80%.
|
Variable rate
6.14
%***
p.a.
Comparison rate
6.48
%*
p.a.
Special Discount 1 available for owner occupied principal & interest loans $150k+, with LVR of 80% or less.
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2yr fixed rate
6.39
%##
p.a.
Comparison rate
8.10
%*
p.a.
2 year fixed rate special available for owner occupied principal & interest loans, with LVR of 80% or less.
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Home loan calculators
Helping you on your way to buying your first home
Fixed vs variable rate home loans
What is a fixed rate? What is a variable rate? and is a fixed or variable home loan right for you?
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Terms, conditions, fees, credit criteria and charges apply.
References to "LVR" mean Loan to Value Ratio which is calculated by dividing the loan amount by the value of the property (as determined by us). There may be a difference between the purchase price and the value of the property.
*The Comparison Rate is calculated on a loan amount of $150,000 for a term of 25 years based on monthly repayments. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
**Real Deal At the current time, special interest rates are available for new borrowers applying for a Real Deal Home Loan for an owner occupied home with principal and interest repayments with a minimum balance of $150,000. Existing Newcastle Permanent customers are also eligible to receive the special interest rates if:
- They have a Real Deal Home Loan with principal and interest repayments and they increase it by a minimum of $150,000 in new borrowings; or
- They convert an existing Newcastle Permanent loan to a Real Deal Home Loan with principal and interest repayments and they increase it by a minimum of $150,000 in new borrowings.
Converted borrowings do not constitute new borrowings. The discount is the rate that is effective at the time the loan application is received by Newcastle Permanent and is determined by reference to the applicable Loan to Valuation Ratio (LVR). Currently, the LVR requirements are as follows:
- Special 1 – For loans with an LVR of less than or equal to 80%, a discount of 2.11% is deducted from the Real Deal Home Loan variable interest rate.
- Special 2 – For loans with an LVR of greater than 80%, and less than 95%, a discount of 1.36% is deducted from the Real Deal Home Loan variable interest rate.
***Premium Plus Package Variable Rate Home Loan Discounted interest rates are available for new borrowers applying for a Premium Plus Package Variable Rate Home Loan for an owner occupied home with principal and interest repayments with a minimum balance of $150,000. Existing Newcastle Permanent customers are eligible to receive the discounted interest rate if:
- They have a Premium Plus Package Variable Rate Home Loan for an owner occupied home with principal and interest repayments and they increase it by a minimum of $150,000 in new borrowings; or
- They convert an existing Newcastle Permanent loan to a Premium Plus Package Variable Rate Home Loan for an owner occupied home with principal and interest repayments and they increase it by a minimum of $150,000 in new borrowings.
Converted borrowings do not constitute new borrowings. The discount is the rate that is effective at the time the loan application is received by Newcastle Permanent and is determined by reference to the applicable Loan to Valuation Ratio (LVR). At the current time, the LVR requirements are as follows:
- Discount 1 - For loans with an LVR of less than or equal to 80%, a discount of 1.68% is deducted from the Premium Plus Package Variable Rate Home Loan (previously known as the Variable Rate Tier 4).
- Discount 2 - For loans with an LVR of greater than 80% and less than 95%, a discount of 0.72% is deducted from the Premium Plus Package Variable Rate Home Loan (previously known as the Variable Rate Tier 4).
##Fixed Rate Home Loan reverts to the Real Options Home Loan at the end of the Fixed Rate period.
#Premium Plus Package Fixed Rate reverts to Premium Plus Package Variable interest rate (previously known as the Variable Rate Tier 4) at the end of the Fixed Rate period.
1Where 100% interest offset is not available, eligible deposit accounts may be linked and the credit interest rate which would otherwise be payable is offset against the interest charged each month on your loan (however there is no additional interest benefit). Please see the Everyday Account Product Schedule or talk to us for more information.
2Redraws available on application, for amounts in advance. A redraw fee applies to applications made in branch. For the Premium Plus Package Fixed Rate loan, there is a minimum $500 per redraw, and redraw is capped at $25,000 per calendar year.
3Additional repayments of up $25,000 per year available on fixed rate home loans. Break costs may apply for additional repayments over this limit. See the Break Cost and Fixed Interest Rate Guide.
4The Premium Plus home loan packages offer a number of features and benefits, including no establishment fee, no redraw fee, no monthly fee on any Premium Plus package product.
See the Guide to your Premium Plus Package.
Find more information on the Mozo Experts Choice Awards 2025 and Mozo People's Choice Awards 2024 and 2025 awards research methodology at Mozo.
The Canstar 2025 Home Loan Refinance Award was received in November, 2025 for the Customer-Owned Bank of the Year - Home Loan Refinance.