Five Per Cent Home Deposit Scheme

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First Home Buyer 5% Deposit Scheme Broker

Buying your first home is exciting — but with rising prices, tight competition, and confusing lender rules, it often feels out of reach. The Federal Government’s First Home Guarantee (5% deposit scheme) exists to help you enter the market sooner, avoid unnecessary costs, and take that first step with confidence.

REMC Finance supports first home buyers Australia-wide through every stage of the scheme. With personal guidance, access to 40+ lenders, and over two decades of experience, REMC Finance makes the process simpler, clearer, and far less stressful.

If you’ve saved 5% deposit, you’re closer than you think — this page shows you exactly how the scheme works, if you may be eligible, and how REMC Finance helps you secure a place before they run out.

How the 5% Deposit Scheme Works

(And Why It Matters for First Home Buyers)

For many Australians, saving a 20% deposit is the biggest barrier to home ownership. That’s why the Federal Government created the First Home Guarantee, a scheme that allows eligible first home buyers to purchase with just 5% deposit — without paying Lenders Mortgage Insurance (LMI).

Here’s how it works:

You contribute a minimum 5% deposit.
The Government acts as a guarantor for up to 15% of the loan.
This support removes the need for costly LMI, which usually adds thousands to a first home buyer’s upfront expenses.
Participating lenders provide access to specific products designed for the scheme.

The biggest challenge? Places are limited and renew annually. Once they’re gone, you may need to wait months for the next release — which often means watching suitable homes pass by while you wait.

If you’re unsure whether you may qualify, REMC Finance provides a quick, no-pressure eligibility check.

Why Work With a First Home Buyer 5% Deposit Scheme Broker?

Applying for the 5% deposit scheme isn’t as easy as choosing “yes” on a form. Every lender assesses applicants differently. Some accept bonus income, others don’t. Some have postcode restrictions. Others require stronger savings histories or place stricter limits on debt.

This is why working with a specialised First Home Buyer 5% Deposit Scheme Broker makes a real difference.

REMC Finance helps you:

Understand the scheme, eligibility rules, and how they apply to your situation.

Compare 40+ lenders to find suitable options.

Identify the lenders that may accept your income type, employment history, and deposit.

Avoid mistakes that may cause delays or reduce approval likelihood.

Understand estimated repayments so you feel clear and prepared.

Build a stronger profile if you’re “almost ready” but not quite there.

Most importantly, REMC Finance operates under Best Interest Duty (BID), meaning your needs come first every step of the way.

REMC Finance: Trusted Support for First Home Buyers

Led by experienced broker Russ McAdam, REMC Finance delivers personal, responsive support for first home buyers across Australia. Russ has been helping Australians navigate the lending landscape since 2001 and is known for being efficient, honest, and deeply committed to his clients’ goals.

What you may expect:

A phone call within 24 hours of your enquiry.
Support tailored to your goals, budget, and understanding level.
Clear guidance without jargon.
Real-world advice based on decades of experience.
Access to a diverse range of lenders and policy types.
A stress-reducing approach through every step.

What Clients Say

“Russ made buying my first home a breeze. He was super helpful and patient answering all of my questions and guiding me along every step of the way.”

“Russ helped me purchase my first property in Tamworth NSW. He is quick to reply, very knowledgeable, and always had my best interests first.”

These stories reflect the care and experience you may expect when you work with REMC Finance.

What You Need to Apply (Simple Checklist)

To secure a place in the First Home Guarantee, lenders require clear documentation to confirm your eligibility. Here’s what first home buyers usually need:

5% genuine savings (often shown through bank statements or savings history).
Proof of income — payslips for employees or tax returns for the self-employed.
ID documents (driver’s licence, passport).
Bank statements showing your account activity.
Details of existing debts such as credit cards, personal loans, or HECS/HELP.
Evidence of rental history (some lenders accept this as proof of savings).

Russ guides you through each step so you aren’t left guessing what each bank is looking for.

What If You Don’t Meet the Criteria Yet?

If you’re close but not quite eligible, Russ provides a strategy to help you prepare — whether that means adjusting your savings pattern, improving borrowing capacity, considering a different lender type, or exploring alternatives such as guarantor support or low-doc policies for self-employed applicants.

You aren’t alone in this — REMC Finance builds a clear pathway forward.

Our Process

Simple, Supportive & Personal

The home loan process is often overwhelming for first home buyers. REMC Finance removes the uncertainty with a transparent, step-by-step journey designed to help you feel confident from day one.

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Frequently Asked Questions

How do I know if I'm eligible for the 5% deposit scheme?

Eligibility depends on income, citizenship, property type, deposit size, and lender policy. A quick eligibility check may confirm whether you’re suitable.

Do I still pay LMI with the scheme?

No — if approved under the scheme, the Government guarantee removes the need for Lenders Mortgage Insurance.

Are interest rates higher for low-deposit borrowers?

Rates vary between lenders and products. Some may be slightly higher, while others offer competitive options.

What if I’m self-employed?

Self-employed first home buyers may still be eligible depending on income verification and lender policy.

What happens if scheme places run out?

You may either join a waitlist or apply when new places open. Russ helps you prepare so you’re ready as soon as spots become available.

Can the scheme be used with state first home buyer grants?

Yes — most buyers pair the scheme with state incentives such as stamp duty concessions or first home owner grants.

Book Your Free First Home Buyer Strategy Session

If you’ve saved your 5% deposit, now is the time to take the next step. Places in the First Home Guarantee are limited, and securing one may reduce your upfront costs significantly.

Russ provides a free, friendly consultation to help you:

Tap into the guidance of a broker who genuinely cares about doing things the right way — and about helping you enter the property market sooner.