Big news for first home buyers across Australia — ANZ has officially joined the government’s 5% Deposit Scheme, meaning all four major banks are now on the lender panel. This is a significant milestone that opens up more competitive loan options for Australians looking to enter the property market sooner.
What Is the 5% Deposit Scheme?
The Australian Government’s First Home Guarantee (formerly known as the First Home Loan Deposit Scheme) allows eligible first home buyers to purchase a property with just a 5% deposit — without paying Lender’s Mortgage Insurance (LMI).
Key features of the scheme:
- Only 5% deposit required — no need to save a full 20% deposit
- No Lender’s Mortgage Insurance (LMI) — saving you thousands in upfront costs
- No maximum income requirement — more Australians can qualify
- No restrictions on the number of places available — the scheme has been significantly expanded
- Available for both new and existing properties (subject to price caps)
Why Is ANZ Joining Significant?
Until now, ANZ was the only major bank not participating in the government’s 5% Deposit Scheme. With ANZ now on the panel alongside NAB, CBA, and Westpac, first home buyers have access to a broader range of loan products and features from Australia’s largest lenders.
This means:
- More lenders to compare — giving borrowers more negotiating power
- Access to ANZ’s full range of home loan products under the scheme
- Greater competition among the Big 4 for first home buyer business
- More flexibility in loan features, offset accounts, and repayment structures
Who Can Apply for the First Home Guarantee?
To be eligible, you generally need to:
- Be an Australian citizen or permanent resident
- Be purchasing your first home (or re-entering the market after certain circumstances)
- Meet the property price caps for your location (varies by state/territory)
- Intend to live in the property as your principal place of residence
A mortgage broker can assess your eligibility and match you with the right lender and product for your specific situation.
Act Now — Property Markets Are Moving
With more lenders on the scheme panel and expanded eligibility, this is an excellent opportunity for first home buyers to get their foot in the door. Given the RBA’s current rate environment, speaking with a mortgage broker now to understand your borrowing capacity is a smart first step.
Need personalised assistance?
Contact Daniel Nguyen, Mortgage Broker at Finance Hub and Networks.
📞 0430 11 11 88
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