Australian Government 5% Deposit Scheme for your clients
Help for your broker clients with a low deposit and no Lenders Mortgage Insurance (LMI). Talk to a BDM to see how Westpac could help your client into their new home sooner.
Your clients could fast-track their home ownership dreams
Low deposit
Shave years off the usual time it would take to save, with a low deposit of 2% or 5%.
No LMI
No Lenders Mortgage Insurance (LMI) means you could save thousands.
Sweet rate
Benefit from interest rates normally reserved for deposits of 20% or more.
No income caps
Unlimited availability and no waiting lists.
Is your client eligible for the Australian Government 5% Deposit Scheme?
First Home Buyers
Minimum 5% deposit and no LMI
Eligibility criteria includes:
- Single or joint: Purchase with a partner, friend or family member
- Over 18 years old: And an Australian citizen(s) or permanent resident(s)
- First home buyer: Or previous buyer who hasn’t owned a home in past 10 years
- No income caps: And unlimited spots and no waiting lists.
Single Parents
Minimum 2% deposit and no LMI
Eligibility criteria includes:
- Single parent: Or single legal guardian with at least one dependent child
- Over 18 years old: And an Australian citizen or permanent resident
- Not a home owner: Doesn’t own a home now or won’t own another property at settlement.
- No income caps: And unlimited spots and no waiting lists.
What type of home can your client purchase?
Residential properties in Australia that meet the property price cap, including
- Existing or newly built property
- Off-the-plan property
- Vacant land with a contract to construct a residence
- House and land package
Want more information about the Australian Government 5% Deposit Scheme and property price caps? Visit the Scheme website.
What type of home loan could your client apply for?
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Frequently asked questions
Lenders Mortgage Insurance (LMI) will NOT apply if your client’s loan is supported by the Australian Government 5% Deposit Scheme. They won’t pay LMI with a deposit of 2% (Single Parents) or 5% (First Home Buyers). This means they’ll make significant savings.
Home Insurance (or Building insurance) covers structures and fixtures at your home. It includes your:
- Garage
- Fences
- Paved driveways
- Hot water system
- Air-conditioner.
Contents Insurance covers personal belongings at your home, including your:
- Furniture
- Carpet
- Appliances
- Clothing
- BBQ
- Outdoor furniture
- Kid’s play equipment.
Yes, it could affect your client's eligibility as during the entire period that the Scheme is in place, they must:
- Continue to live in the purchased property as an owner-occupied property
- Make principal and interest repayments (except during the construction phase of building a new home)
- Not increase the loan term or loan amount.
For more details, please refer to the Scheme website.
Help when you need it
Things you should know
Credit criteria, fees and charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers.
This information's been prepared without taking your clients objectives, needs and overall financial situation into account. For this reason, your client consider the appropriateness of the information and, if necessary, seek appropriate professional advice.
Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.