Alongside the State Government’s $10,000 FHOG, first home buyers may also be eligible for the Federal Government’s 5% Deposit Scheme — a program that allows you to buy a home with as little as a 5% deposit, without paying Lenders Mortgage Insurance (LMI).

It’s designed to help aspiring first home buyers enter the market sooner by having the Australian Government act as guarantor on part of your loan, saving on the upfront costs of LMI. Places in the scheme are currently unlimited so why not find out more about your eligibility and how the scheme works on the Australian Government 5% Deposit Scheme webpage.