The First Home Loan Deposit Scheme allows eligible first home buyers to purchase a home with as little as a 5% deposit. Through participating lenders, the government is releasing 10,000 scheme places every year.
For applicants with less than 20% of a deposit, generally, banks charge an LMI charge (a one-off cost). This protects the bank or credit provider if borrowers are unable to repay their loans. LMI does not benefit the borrower, it just protects the bank or credit provider.
Click here to find out more about the First Home Loan Deposit Scheme.