First Home — What deposit support can you get?

How much deposit do I really need?

Most lenders ask for at least 5–10% of the purchase price as a deposit.

If you have less than 20%, you’ll usually be charged Lenders Mortgage Insurance (LMI)—an added cost that protects the lender, not you.

But with the right mix of grants and schemes, you can reduce or even avoid LMI altogether. Here’s how:

1. First Home Owner Grant (FHOG)

A one-time grant from your state government for eligible first home buyers buying or building a brand new home.

• Grant amounts vary by state (usually $10,000–$30,000)
• Can be used towards your deposit (some lenders allow this, some don’t—ours do)
• You must buy or build a brand-new home

2. Home Guarantee Scheme

This federal government scheme lets you buy with just a 5% deposit, without needing to pay 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 in the past 10 years

Limited places available each year

3. Family Home Guarantee

A version of the Home Guarantee Scheme, designed for single parents or legal guardians with dependents.

• Buy with just a 2% deposit
• Government guarantees up to 18% of the loan
• Available for new or existing homes
• No LMI payable

Learn more about this scheme

4. Stamp Duty Concessions

Stamp duty can be a huge upfront cost, but most states offer discounts or full exemptions for first home buyers.

• Exemptions usually apply for homes up to $600,000–$800,000
• Discounts may apply for higher-value homes
• Some states also offer concessions on vacant land

Ready to own sooner with less savings? Grab our free guide: From Renter to Homeowner

5. MWC $10K Deposit Boost

When you build with us, you may qualify for our exclusive $10,000 Deposit Boost.

• It’s a gift, not a loan—you don’t pay it back
• Can go towards your deposit, stamp duty, or legal costs
• Helps close the gap so you can get started sooner

We’ve already helped hundreds of families buy with less. This is just one way we give back.

Try our Deposit Checker to see how little you may need

6. Help to Buy Scheme (coming soon)

This upcoming shared equity scheme allows the government to co-own up to 30% of your property, reducing the loan size and deposit needed.

• You still own the majority
• You can buy the government's share later
• Will apply to eligible low to middle-income earners

7. Family Guarantor Option

If a family member owns a home, they may be able to act as a guarantor—meaning:

• No deposit required from you
• Their property is used as loan security
• Can help you borrow up to 100%, plus upfront costs
• Avoids LMI and speeds up your buying timeline

8. First Home Super Saver Scheme

This scheme lets you save your deposit inside your super, using voluntary contributions.

• Contribute up to $15,000 per year (max $50,000 total)
• Super tax rates help your savings grow faster
• You can withdraw funds to use as a home deposit

The Bottom Line

You might not need a huge deposit to become a homeowner.

With the right mix of government support, family assistance, and our own Deposit Boost, it’s possible to buy sooner—and smarter.

Whether you’ve just started saving, or you’re wondering if you qualify, we’re here to help.

Try our Pre-Qualifier – It’s free and takes less than 60 seconds

Or Book a chat with our team – We’ll walk you through it step by step

Getting home ready starts with knowing your options.