5 Percent Deposit Scheme for First Home Buyers Kicks Off

‘What it will do is allow more young people to get into home ownership,’ the prime minister said.

A signboard of a sold property in McMahons Point in Sydney, Australia, on May 5, 2022. Brendon Thorne/Getty Images

First home buyers across Australia can now enter the property market with just a five percent deposit under an expanded government guarantee.

Housing Minister Clare O’Neil confirmed the government has removed the scheme’s previous restrictions on income, property value, and the number of applicants.