Buying your first home is one of life’s most exciting milestones, but that first hurdle of saving a deposit can seem intimidating for many first homebuyers. After all, reaching a 20% deposit target can take years!

That’s where the Australian Government’s 5% Deposit Scheme comes in.

Designed to help eligible first home buyers purchase a home sooner, the Scheme allows you to buy with as little as a 5% deposit, helping make your dream of home ownership a reality sooner rather than later.

What is the 5% Deposit Scheme?

The Australian Government 5% Deposit Scheme helps eligible first home buyers (and those who have not owned a property in over 10 years) enter the property market with a lower upfront deposit.

As of 1 October 2025, changes to the Scheme removed any income caps once required for singles and couples. Additionally, places are now uncapped, meaning unlimited spots and no waiting lists.

Key points:

  • Buy your first home with as little as a 5% deposit
  • Avoid paying Lenders Mortgage Insurance (LMI) in many cases
  • The Government acts as a guarantee on part of the home loan

How It Works

Whether you’re actively searching for house and land packages, or just starting to explore, here’s how to make the most of the Scheme:

1. Check your eligibility

Use the Government’s online tools to see whether you meet the income, postcode and other requirements.

2. Speak with your Mortgage Broker or participating lender

Reach out to your broker or a participating lender to understand your borrowing capacity, options and potential pre-approval.

3. Prepare your deposit

With the Scheme, eligible buyers may only need a 5% deposit, helping shorten the time spent saving. You should still allow for other costs such as stamp duty (concessions or exemptions may apply for first home buyers), conveyancing or other legal fees.

4. Choose a home that fits your lifestyle and budget

The Scheme is designed to support sustainable home ownership. It’s important to select a home and loan repayments that feel comfortable both now and into the future.

5. Pay your 5% Land Deposit

Once you have chosen your block, your builder, and your finance has been conditionally approved, you will pay us 5% of the purchase price of the land as your deposit. This secures your block.

Why Riverfield is a Great Place for Your First Home

Riverfield is a masterplanned community carefully designed with lifestyle, connectivity and nature at its heart. Located in Clyde, Melbourne’s southeast growth corridor, it provides a balanced blend of urban amenity and tranquil living, ideal for first home buyers.

Here’s what makes Riverfield so special:

  • Expansive parks, open spaces and trails — with over 28 hectares of active green space, wetlands and landscaped reserves right on your doorstep.
  • Nearby education options — including multiple existing schools and future government primary schools within the community.
  • Convenient location — easy access to Clyde North and surrounding centres like Berwick and Cranbourne for shopping, services and entertainment.
  • Growing community atmosphere — Riverfield’s mix of townhomes and house & land packages ensures there is a home to suit all buyers, while a great mix of established and future amenity delivers connection, lifestyle and a sense of community.

Whether you’re taking your first step into home ownership or planning for the years ahead, Riverfield offers a place you can truly call home.

Your First Home Could Be Closer Than You Think

With the support of the 5% Deposit Scheme and a community like Riverfield, your first home might be closer than you think.

To learn more about the Scheme, visit the official Government website or speak with your Mortgage Broker or a participating lender today. And in the meantime, explore current house & land opportunities at Riverfield. This could be the place you start your home ownership journey!

For more insights and advice to guide you through your home buying and building process, download our FREE First Home Buyers Guide! From grants and government schemes to choosing the right builder, it’s your go-to resource for all things first home.