Struggling to Save a 20% Deposit? You Don’t Have To.
Don't let a 20% deposit stand between you and your first home. Most first homebuyers are unaware that government schemes and bank options now allow you to enter the market with as little as 2% deposit—or even $0 upfront.Navigating the property market as a first home buyer can be daunting, especially when trying to save a massive 20% deposit.
Fortunately, several government schemes and strategic financing options exist to help you get into your home sooner.
This guide outlines the primary support options available.
FIRST HOME GUARANTEE (5% DEPOSIT SCHEME)
This Federal Government scheme is designed to help you purchase a home with a significantly lower deposit without paying Lender’s Mortgage Insurance (LMI).
HELP-TO-BUY SCHEME (SHARED EQUITY)
In this upcoming Federal Government scheme, the government co-buys the property with you,
drastically reducing your loan size and upfront deposit requirements.
FAMILY GUARANTEE (0% DEPOSIT OPTION)
If you do not have a deposit saved, this traditional bank option leverages family support to
secure your loan.
Comparison: $600,000 Property Scenario
To illustrate the power of these schemes, here is a breakdown of what buying a $600,000 home
looks like under each option compared to the traditional 20% route.
Stamp Duty Concessions & Hacks
Stamp duty is a state government tax that can add tens of thousands of dollars to your purchase.
Most states offer significant concessions for first home buyers.
- State Variations: Rules vary widely. For example, in Victoria, first home buyers pay $0 stamp duty on properties up to $600,000, with reduced sliding-scale rates up to $750,000.
Other Essential Costs to Consider
When purchasing a home, the deposit and stamp duty aren’t the only expenses. Make sure you budget for:
Conveyancing / Solicitor Fees: For handling the legal transfer of the property.
Building and Pest Inspections: Essential for identifying structural issues before buying.
Settlement Costs: Pro-rata adjustments for council and water rates with the seller.
Government Transfer & Mortgage Registration Fees: Paid to the state land titles office.
Want the Full Blueprint to Secure Your Home?
The data above is just the beginning.
Our full 2026 First Home Buyer Masterclass PDF Guide
deep-dives into the “fine print” you need to know
to actually get approved and achieve your dream home.
Get the Full PDF Guide Sent to Your Inbox
Hello! I’m Will Bell.
I’ve spent almost 20 years helping Australians secure home loans.
Over that time, I’ve realised something—first homebuyers don’t just need information. They need someone to break things down simply and guide them step-by-step.
Because let’s be honest… deposits, LMI, approvals—it can all feel overwhelming.
That’s why I started my brokerage: to help everyday people buy their first home with clarity and confidence.
If you’re planning to buy your first home and want the right guidance from the start, schedule a call with me and I’d love to help.
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