How first home buyers can get started with a smaller deposit

Wondering how the Australian Government 5% Deposit Scheme works for first home buyers?

STEP 1: CHECK YOUR ELIGIBILITY & START SAVING

Confirm you meet the scheme requirements here (including income limits and purchasing within the eligible property price cap). Then start putting aside your deposit. Under this scheme, you may be able to buy with as little as 5% deposit and no Lenders Mortgage Insurance (LMI) (subject to lender approval).

STEP 2: GET PRE-APPROVAL

Speak with a participating lender or broker to:

1. Confirm your eligibility and guide you through loan options
2. Understand your borrowing capacity and likely repayments
3. Get pre-approval so you can buy with confidence

Tip: Have your payslips, ID, and a rough breakdown of expenses ready (it speeds things up).

STEP 3: CHOOSE YOUR APARTMENT & SIGN YOUR CONTRACT

Once you’ve found the right apartment at The Avenue, sign the contract and pay the deposit required. Your lender will also confirm whether the home meets the scheme and lending requirements before moving forward.

STEP 4: FINAL APPROVAL & SETTLEMENT

Your lender completes final checks (income, expenses, valuation and contract review) and issues approval. From there, you will receive settlement date confirmation, and before you know it, you will have keys in hand!

Pre-approval sorted or just getting started? Check out our studio, 1 & 2 bedroom apartments here.

For more information on the Australian Government 5% Deposit Scheme, visit firsthomebuyers.gov.au.