Own Your Home Sooner with a Low Deposit Home Loan
Don’t let a 20% deposit hold you back. We provide expert access to government schemes that can help you buy with a smaller deposit.
Government Guarantees are Changing the Home Loan Game
For many aspiring homeowners, saving a 20% deposit is the single biggest barrier to entering the property market. It can take years, and in a rising market, it can feel like you’re chasing a moving target.
Fortunately, the Australian Government’s Home Guarantee Scheme (HGS) is designed to solve this exact problem. The scheme allows eligible buyers to purchase a home with a smaller deposit without having to pay thousands in Lenders Mortgage Insurance (LMI) if eligible.
Curious if you’re eligible? Let’s chat.
Finding the Right Gov Scheme for Your Home Loan
5% Deposit Scheme
The most popular scheme, designed for eligible first home buyers. If eligible, it allows you to purchase a new or existing home with a deposit of as little as 5%, with the government guaranteeing the remaining 15%.
The Family Home Guarantee (FHG)
Specifically for single parents or single legal guardians with at least one dependent child. If eligible, this powerful scheme allows you to purchase a home with a deposit of just 2%, whether you’re a first home buyer or have owned a home before.
The Regional First Home Buyer Guarantee (RFHBG)
Designed to encourage homeownership in regional Australia. If you’ve lived in a regional area for at least 12 months, you may be eligible to buy your first home with a 5% deposit and no LMI.
Expert Navigation is Key
Accessing these schemes isn’t as simple as just ticking a box. Each guarantee has strict eligibility criteria, including income thresholds and property price caps that vary by location. Furthermore, places are released periodically and can be highly sought after, and not all lenders are authorised to participate in the scheme.
Working with Hayes Financial gives you a significant advantage. We are experts in the fine print of each scheme. We’ll quickly determine your eligibility, ensure your application is structured for the best chance of success, and connect you with the right participating lenders. We manage the entire process to secure your spot, turning a complex opportunity into a straightforward path to homeownership.
Need further help on how to secure your first home loan?
Getting into your first home and sorting out the finance often feels stressful and drawn out, but the great news is we can make the process much simpler.
The Hayes Financial Advantage
Choosing the right mortgage broker can save you time, money, and significant stress. We combine deep industry expertise with a genuinely personal approach, managing every detail of the process so you can focus on your next chapter. We listen carefully, research tirelessly, and negotiate fiercely on your behalf to deliver a seamless experience and an exceptional outcome.
Join Hundreds of Happy Home Buyers
With over 100 five-star Google reviews, Hayes Financial is trusted by first home buyers, families, and investors alike. Our clients value the guidance, clarity, and personal support we bring to every step of the journey.
Get the Guide That Makes Buying Your First Home Simple
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Low Deposit Home Loan FAQs
Buying your first home is an exciting milestone, but saving a large deposit can be the biggest hurdle.
The good news is that you don’t always need a 20% deposit to get a foot on the property ladder. Low deposit home loans, including various government schemes, are designed to make homeownership a reality sooner if eligible.
What is a low deposit home loan and how does it work?
A low-deposit home loan is a mortgage that allows you to borrow a high percentage of the property’s value, typically with a deposit of less than 20%. While a standard home loan requires a 20% deposit to avoid Lenders Mortgage Insurance (LMI), low-deposit options, including government schemes like the 5% Deposit Scheme, help you enter the property market sooner.
The government essentially acts as a guarantor for a portion of your loan, allowing you to secure a home loan with as little as a 5% deposit without the added cost of LMI.
Do I have to pay Lenders Mortgage Insurance (LMI) on a low deposit home loan?
Typically, yes, if you have a deposit of less than 20% of the property’s value, lenders require you to pay LMI. However, this is where government-backed schemes can save you thousands of dollars if eligible.
Programs like the 5% Deposit Scheme and the Regional First Home Buyer Guarantee allow eligible first-home buyers to purchase a home with a 5% deposit and no LMI. We can help you determine if you qualify for these schemes and find a lender that offers them.
What is the First Home Guarantee and am I eligible?
The First Home Guarantee is an Australian Government initiative that helps eligible first-home buyers purchase a home sooner with a minimum 5% deposit and without paying LMI.
Eligibility criteria include being a first-home buyer (or not having owned a property in Australia in the last 10 years), being an Australian citizen or permanent resident, and meeting certain income and property price caps. We’ll guide you through the full eligibility requirements and assist with the application process to secure a place in the scheme.
How much deposit do I actually need to buy my first home?
The minimum deposit you need to buy your first home can be as low as 5% with a low-deposit home loan. However, it’s important to remember that this is just for the loan itself. You also need to budget for other upfront costs, such as stamp duty, legal fees, and building and pest inspections.
We’ll work with you to calculate all the costs involved so you have a clear picture of the total funds required to get into your first home.
Can I get a low deposit home loan if I'm a single parent?
Yes! The Australian Government’s Family Home Guarantee is specifically designed to help single parents with at least one dependent child purchase a home. This scheme allows eligible applicants to buy a home with a minimum 2% deposit and no LMI, even if they have owned a property before.
We can help you navigate the eligibility criteria and apply for this valuable scheme.
How can a mortgage broker help me with a low deposit home loan?
Navigating the world of low-deposit home loans and government grants can be complex. As your mortgage broker, we provide personalised guidance and expertise.
We will assess your unique financial situation, explain all the available low-deposit options (including government schemes and specific lender products), and handle the entire application process for you. We work with a wide panel of lenders to find the best loan for your needs, saving you time, money, and stress.
Let's Start Your Journey
Opt for a chat, email, or a brief message, we’re ready to connect and offer any help or personalised assistance you require.
Email: hello@
Phone: 0432 189 047
Address: 25 Murray Cres, Griffith ACT 2603