The Australian Government 5% Deposit Scheme helps single parents buy a family home.
The Australian Government 5% Deposit Scheme helps you into your new family home if you have a minimum 2% deposit, with a Government guarantee. No income caps, no waitlists and no LMI helps get you into your own home sooner.
By taking advantage of the Australian Government 5% Deposit Scheme for Single Parents:
- You won’t need to pay lenders mortgage insurance, saving you up to $31,143.42*
- You only need to save a minimum deposit of 2% of the Property Value
- You can save thousands in interest by no longer needing to add the cost of mortgage insurance to your loan*
* Savings are estimated based on using an LMI premium calculator for a 95% LVR loan on a property valued at $900,000 and calculated on 1 October 2025.
Am I eligible?
To qualify for the Scheme, you must meet eligibility criteria relating to your personal circumstances (making you an Eligible Home Buyer), including:
- Single parent / Single legal guardian – you must be a single parent or single legal guardian of one of more dependent children
- Citizenship and permanent residency – be an Australian citizen or permanent resident at the Home Loan Date*
- Deposit – you must have enough savings to contribute a minimum deposit savings of 2% of the Property Value
- Prior property ownership – you must be a buyer who currently doesn’t own property or not have any other property interest once your new home settles
- Owner-occupier – you must buy or build a home to live in (investment properties are not eligible), and
- Minimum age – you must be at least 18 years old.
* The Home Loan Date is the date you sign your home loan agreement with us.
There are also eligibility criteria relating to the property (making it an Eligible Property) and home loan (making it an Eligible Home Loan), including:
- the property must be residential and its purchase price and Property Value must be at or below the location’s price cap, and
- the loan must be an owner-occupier home loan from a Participating Lender with Principal and Interest repayments and a term of up to 30 years (plus up to 3 years to build a new home, which may include Interest Only repayments).
You can find more information about the Australian Government 5% Deposit Scheme for Single Parents and eligibility criteria on the Housing Australia Website.
How do I apply?
The application process is made simple and easy. Loan applications can be submitted online.
Once received we will assess your loan for suitability.
Once we have verified that you meet our lending requirements and the requirements set out by the Scheme, your loan will be approved.
