Help for buying a home - Community First Bank

There are a range of initiatives in place to help you get one step closer to your home buying dreams.

Home buying support initiatives

We know it can be hard to save for a deposit, especially if you’re currently paying rent or are relying on a single income. That’s why we not only put up our hand to get involved with the Australian Government’s latest home buying support initiatives, we’ve also come up with a few initiatives of our own.

Australian 5% Deposit Scheme

The First Home Guarantee is now part of the Australian Government’s 5% Deposit Scheme, designed to help eligible home buyers purchase a home sooner.

From 1 October 2025, there are no caps on the number of places available, meaning more Australians can take advantage of the scheme.

Usually, home buyers with less than a 20% deposit need to pay Lenders’ Mortgage Insurance (LMI). Under the 5% Deposit Scheme, eligible buyers can purchase a home with as little as a 5% deposit without paying LMI. The Australian Government provides a guarantee to a lender authorised to offer the Scheme (Participating Lender like Community First Bank) so they can lend the home buyer up to 95% or 98% of the home’s value.

Usually, home buyers with less than a 20% deposit need to pay lenders’ mortgage insurance. Under this Scheme, eligible home buyers may be able to buy a home with as little as 5% deposit without the need to pay Lenders’ Mortgage Insurance.

Who’s eligible?

First home buyers, and previous homeowners who haven’t owned property in Australia in the past 10 years

Australian citizens or permanent residents, aged 18 years and over

Applicants must intend to live in the property (owner-occupier) and meet standard lending criteria. To check your eligibility, click here.

The Government has also increased property price caps to better reflect today’s housing market, making more homes available under the scheme. Price caps here.

To find out more about the Australian Government 5% Deposit Scheme click here.

Read the Fact Sheet to find out more about the Australian Government 5% Deposit Scheme click here.

Regional First Home Buyer Guarantee

Regional First Home Buyers merged into one unified scheme

From 1 October 2025, the Regional First Home Buyer Guarantee will effectively be absorbed into the Australian Government 5% Deposit Scheme (the expanded Home Guarantee Scheme). Regional and non-regional first home buyers will access the same broad scheme rather than separate regional streams.

Unlimited places (no caps) Under the regional scheme historically there were capped “places.” In the new unified scheme, there will be no limit on the number of regional applicants. Every eligible first home buyer in a regional area can access the scheme (provided eligibility criteria is meet).

Removal of income caps The older regional scheme had income thresholds (e.g. $125,000 individual / $200,000 joint). In the new scheme, there are no income caps — more higher-earning first home buyers (including those in regional areas) become eligible.

Higher property price caps The property price caps (maximum home values eligible under the guarantee) have been increased to reflect rising house prices, in both regional and metropolitan markets. This means more homes in more areas will qualify.

For example, in many states the caps for metropolitan and regional areas have been lifted (e.g. NSW from $900,000 to $1,500,000 in metro + regional centres).

Simplified eligibility & documentation Some of the stricter regional rules (like having lived in the regional area or adjacent for 12 months) are being relaxed or aligned under the unified scheme. The goal is to reduce administrative burden and make it more accessible for regional first home buyers.

Family Home Guarantee

Single parents or legal guardians with a minimum 2% deposit.

The Australian Government’s Deposit Scheme is designed to assist eligible single parents or legal guardians with dependent children in purchasing a home sooner.

Unlimited Places: From 1 October 2025, there are no caps on the number of places available under this scheme, allowing more Australians to benefit from it.

Higher Property Price Caps: Property price caps have been increased to better reflect current market conditions. Use the postcode search tool to check the price cap for the location you want to buy in.

2% Deposit Requirement: Eligible applicants can purchase a home with as little as a 2% deposit without the need to pay Lenders Mortgage Insurance (LMI).

Eligibility Criteria:

Be an Australian citizen or permanent resident aged 18 years or over.
Have saved a minimum deposit of 2% of the property value.
Be a single parent or single legal guardian of one or more dependent children.
Not own any other property once the new home settles.
Intend to live in the property as their primary place of residence.

To find out more for a single parent or legal guardian with a minimum 2% deposit, click here.

Use the eligibility tool for a quick check of the main eligibility criteria.

Other ways we can help

Not eligible? You can still buy with 5% deposit

If you’re not eligible for one of the above Schemes, there are a number of other ways Community First may be able to assist. Many of our home loans enable you to borrow with as little as 5% deposit with Lenders’ Mortgage Insurance applicable. Here are some other ways we can help:

Family Guarantee

At Community First, first home buyers can avoid paying lenders’ mortgage insurance altogether when someone like a parent or in-law guarantees 20% of the value of their first home. It could save your kids thousands of dollars, and get them into a place of their own sooner.

With your support as a guarantor, your son or daughter may be able to borrow the full cost of the home, instead of needing at least 5% deposit. They will however have to save for any applicable stamp duty, registration costs or solicitor/conveyancing fees.

Accessing Government Schemes

You must apply for the Australian Government Schemes through a participating lender. There is a limit to the number of guaranteed loans that can be offered per financial year and Community First is on the panel of approved lenders.

Non-major lenders (that’s us) can submit applications for the Scheme until places are exhausted. You should refer to the official website for more information on eligibility criteria.

View first home buyer home loans

How to apply

We know that navigating your way through all the options available can be daunting, but we’ve been helping people with buying a home for over 60 years.

Our Mortgage Specialists can help guide you through the process as well as help you understand what costs you’ll need, how much you could afford to borrow and how to apply for the various initiatives on offer.

A young couple’s journey

Read about how two of our members found their first time perfect home and what supports they were able to access to make it happen.

Community Advantage

To recognise some of our key community professions that work hard to serve others, we’re making it easier to buy a home with savings on LMI.

Don’t have a cash deposit?

Deposit bonds can help if you want to buy a property but don’t have immediate access to a cash deposit – but you will by the time of settlement.

Credit eligibility criteria, terms & conditions, fees & charges apply.

Help for
buying a home