Welcome news for home buyers
With as little as 5% deposit, eligible first home buyers, and people who have not owned property in Australia in the last 10 years, have the opportunity to purchase a property.
Here’s how it works
Usually home buyers need to have saved 20% of the value of their property as a deposit. Alternatively, buyers need to take out Lenders Mortgage Insurance (LMI), to cover the risk of having a lower deposit.
The Australian Government 5% Deposit Scheme helps you buy your first home with a minimum 5% deposit with a Government guarantee. No income caps, no waitlists and no LMI means you have lower upfront costs and could own your first home sooner.
This means you can buy your own home sooner, and be exempt from paying LMI, which can potentially save you thousands.
With the latest round of applications for the First Home Buyers now open, we are once again proud to be a participating lender in this great initiative.
Am I eligible?
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You need to be an Australian citizen or permanent resident, at least 18 years old, with a Medicare card;
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You need to be a first home buyer or have not owned property in Australia in the last 10 years, and be looking to buy a property that you will live in;
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You need to be able to demonstrate your ability to save over time, with a minimum 5% deposit saved for the property you wish to buy.
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There are property price thresholds that will apply in capital cities, large regional centres and regional areas. Use Housing Australia's property price caps tool to work out the maximum property purchase price in the area you're interested in.
We're here to help you with your application
If you meet the eligibility criteria the next step is to reach out to our team who can assist with your application. Complete our simple online enquiry form and a team member will be in contact with you shortly.
Key information about the Scheme
Get home and contents insurance worth having
Insurance you can rely on is worth its weight in gold. Help protect your home by making sure you have adequate cover in place. We offer a range of options, great payment flexibility, and we have a dedicated insurance team who can assist you.
The application process
Check your eligibility
Check your eligibility for the Australian Government 5% Deposit Scheme using Housing Australia's online tool for singles and couples
Make an appointment
Enquire online and a Bendigo team member will be in contact shortly to assist you with your application
Buy your home
Purchase a property within the price threshold for the area you're interested in.
Ready to apply?
Contact our home loan specialists now on 1300 236 344, make a home loan enquiry or apply online.
Things you should know
* Roy Morgan Single Source Data 2024
Terms and conditions, fees, charges, eligibility and lending criteria apply. Full details available on application. All information is correct as at 1 July 2023 and is subject to change without notice.
Target Market Determinations for products are available.
