Deposit support options for first home buyers

How much deposit do I actually need?

Most lenders require a minimum deposit of 5–10% of the purchase price. However, if your deposit is less than 20%, you’ll usually need to pay Lenders Mortgage Insurance (LMI)—an added cost that protects the lender, not you.

But don’t worry—there are several ways to reduce or even eliminate this requirement. Here are some key options to explore:

1. First Home Owner Grant (FHOG)

• Grant amounts vary by state (generally between $10,000–$30,000)

• Funds can usually be put toward your deposit (not all banks help with this, but we do)

• Must be buying or building a new home (not an existing one)

Check your state’s rules and eligibility to make the most of this boost.

2. Home Guarantee Scheme

Run by the Australian Government, this scheme helps first home buyers get into the market with as little as a 5% deposit—without paying LMI.

• The government guarantees up to 15% of the loan
• You must be an Australian citizen or permanent resident
• You can’t currently own property or have owned one in the last 10 years

This scheme has limited places and fills quickly each year.

3. Family Home Guarantee

• The government guarantees up to 18% of the loan
• No need to be a first home buyer
• No LMI payable
• Available for both new and existing homes

This can be a game-changer for single parents aiming to buy sooner.

Learn more about this scheme

4. MWC Deposit Boost

• It’s a gift, not a loan—you don't need to pay it back
• It can help toward your deposit, stamp duty, or legal fees
• Helps bridge the gap so you can get started sooner

We’ve already helped hundreds of families buy with low deposits—this is our way of giving back.

Try our FREE Low Deposit Chekcer to get a quick estimate of how much you’ll need to build a home with MWC, factoring in all the support options above.

5. Family Guarantor Option

If a family member (such as a parent or sibling) owns their home, they may be able to act as a guarantor on your loan.

• No cash outlay required from them
• Their property is used as security for your home loan
• May allow you to borrow up to 100%, plus purchase costs
• Helps you avoid LMI and buy with little to no savings

Great for families looking to support the next generation into homeownership.

6. First Home Super Saver Scheme (FHSSS)

The FHSS Scheme lets you save for your deposit using your super fund by making voluntary contributions.

• You can contribute up to $15,000 per financial year
• Withdrawals can be made to put toward your first home
• Super tax rates may help you grow your savings faster

This is a smart option for disciplined savers.

Explore the options

Getting into your own home is more achievable than most people think—especially when you make the most of government incentives and low deposit solutions.

Whether you’re just getting started or already saving, we’re here to help guide you every step of the way.

Start your journey here