Eligible first home buyers may be able to purchase with as little as a 5% deposit.
Saving a deposit for your first home can take time. The Australian Government 5% Deposit Scheme helps eligible home buyers purchase a home sooner by reducing the deposit required and providing a Government guarantee to participating lenders.
The Scheme is available for eligible first home buyers with a deposit as low as 5%, and eligible single parents or legal guardians with a deposit as low as 2%.
As a participating lender, Bank Orange is proud to support eligible home buyers on their journey towards home ownership. Our local lending team can help you understand the Scheme, check your eligibility and explore your home loan options.
While the Scheme can help reduce upfront costs, you will still need to meet both the Scheme eligibility requirements and Bank Orange’s lending criteria. Other costs associated with buying a home, such as stamp duty, conveyancing fees and inspections, may also apply.
Key Features of the Scheme
Who is eligible for the scheme?
To access the Australian Government 5% Deposit Scheme, you need to meet the Scheme eligibility requirements as well as Bank Orange's lending criteria.
First Home Buyers
You may be eligible if you:
✓ Are at least 18 years old and an Australian citizen or permanent resident
✓ Have saved a minimum 5% deposit
✓ Are buying your first home, or have not owned a property or land in Australia in the last 10 years
✓ Plan to live in the home as an owner-occupier
✓ Are purchasing a property within the applicable location price cap
✓ Apply individually or jointly with one other eligible applicant (such as a partner, friend or family member)
✓ Meet Bank Orange's lending criteria
Single Parents
You may be eligible if you:
✓ Are at least 18 years old and an Australian citizen or permanent resident
✓ Have saved a minimum 2% deposit
✓ Are a single parent or single legal guardian of one or more dependent children
✓ Do not own another property or have any property interest once your new home settles
✓ Plan to live in the home as an owner-occupier
✓ Are purchasing a property within the applicable location price cap
✓ Apply on your own (joint applications are not available)
✓ Meet Bank Orange's lending criteria
Ready to apply?
Calculators
Borrowing power
We'll look at your income and expenses to see how much you may be able to borrow.
Loan repayments
Get a better idea of what your expected home loan repayments may look like.
Stamp duty calculator
Use our stamp duty calculator to estimate the stamp duty costs on your property.
More information
Visit the Australian Government 5% Deposit Scheme webpage for additional information & to check your eligibility.
Eligible property types include existing homes, off-the-plan properties, house and land packages, and vacant land with a fixed building contract, provided the purchase price is within your area's Price Cap.
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