Guarantee Your First Home Deposit in Less Than Two Years

New data reveals that it takes young couples an average of five years to save for a 20% home loan deposit. But with us, you can possibly quarter that time frame!

We understand it’s never been more difficult to save up a deposit for your first home.

In most regions of the country, the saving time ranges from 4 to 6 years. In Melbourne, it’s 6.5 years on average. In Sydney, it’s 8 years or more.

We can save you from that stress! As an expert in the field, we can assist first homebuyers in purchasing a home with only a 5% deposit-without having to pay any lender’s mortgage insurance!

If you’re qualified, we can help you reserve a spot in the First Home Guarantee (FHG) scheme—which will have 35,000 openings on July 1 (more on this below).

You may save a quarter of the time it takes you to save for a home deposit just by getting in early and reserving a place on this scheme. 

By getting in early on this scheme and reserving a spot, you can quarter the amount of time it takes you to save up for your first home deposit.

A possible goal

In the table below, you’ll see a comparative data on how long it currently takes first-time homebuyers in various areas of the country to save for a 20% mortgage deposit (according to Domain data), as compared to just 5%.



           20% Mortgage Deposit

            5% Mortgage Deposit


8 years 1 month

 2 years


6 years 6 months

1 year 7 months


4 years 10 months

1 year 3 months


4 years 7 months

1 year 2 months


3 years 7 months

11 months


5 years 10 months

1 year 5 months


4 years 3 months

1 year


7 years 1 month

1 year 9 months

Combined capital cities

5 years 8 months

1 year 5 months

Combined regionals

3 years 10 months

11 months


4 years 5 months

1 year 1 month

So, if you’ve been saving for at least a year for a 20% deposit, you’ll be able to hit the ground running on July 1st, when the 35,000 FHG scheme opens.

Supporting first home buyers

The government’s First Home Guarantee Scheme (previously the First Home Loan Deposit Scheme) is a program to help eligible first-time buyers purchase or build their first property sooner with only a 5% deposit, without the need to pay for lenders’ mortgage insurance (LMI).

Under this program, a portion (up to 15%) of an eligible first home buyer’s mortgage from a participating lender is guaranteed by the federal government.

Depending on the property’s price and deposit amount, not having to pay LMI might save buyers anywhere from $4,000 to $35,000 (note that property price caps apply).

Spots for FHG are on a first-come, first-served basis so don’t be complacent with the 35,000 available spots.

The wait will be short, so if you’re interested, contact us immediately at Will Bell Mortgage Broker to get your application up and ready prior July 1.

Picture of Will Bell

Will Bell

Will Bell has 15 years’ experience in the finance industry, the last 11 years he has owned and operated Will Bell Mortgage Broker. He specializes in residential home loans and over the years has carved out a trusted brand. This is proven by the reviews his customers have made regarding the service and the experience he has provided.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.


Services we offer:

  • First Home Buyer Loans
  • Property Investment Loans
  • Mortgage Consultation
  • Loan Prequalification
  • Debt Consolidation
  • Refinancing
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