The Australian Government 5% Deposit Scheme is for aspiring home buyers – first home buyers with a minimum 5% deposit, or single parents with a minimum of 2%.
The 5% Deposit Scheme helps you buy your first home with a Government guarantee. No income caps, no waitlists and no Lenders Mortgage Insurance (LMI) mean you have lower upfront costs and could own your first home years faster. Buying that first apartment, family home or the dream of building on land could happen sooner than you think.
Explore our home loan rates to help you make your dream of homeownership come true.
^At the end of your fixed rate period the interest rate will revert to the relevant Principal and Interest variable rate. *The comparison rate is based on a $150,000 loan repayable over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. All rates available for new business only and are subject to change without notice. Credit eligibility criteria, terms and conditions, fees and charges apply and may change without notice. Products issued by Southern Cross Credit Union Ltd ABN 82 087 650 682. AFSL and Australian Credit Licence 241 000.
The Scheme supports aspiring home buyers who are either first home buyers or single parents/legal guardians wanting to purchase a home to live in.
Minimum 5% deposit and no LMI
You are: an eligible first home buyer Applying alone or jointly with one other person.
Minimum 2% deposit and no LMI
You are: Single parent or single legal guardian applying on your own with at least one dependent child.
Easy, simple and completely online. Ready to go?
Complete your home loan application in under 20 minutes. Or do it at your own pace, pause and restart when you’re ready. Tell us about yourself and see how much you can borrow within you price cap.
If you need help, call us on 1300 360 744 and our lending team will walk you through it.
You can apply for an Owner-Occupied Home Loan supported by the Australian Government 5% Deposit Scheme completely online including real-time ID verification, over the phone or in-person by requesting a meeting with one of our lending specialists.
Make sure you check the eligibility criteria and gather all document requirements. All our home loans required a 100-point identity check with Medicare card required, so make sure you have everything ready to go. If you have any questions, call us at 1300 366 744.
Eligibility criteria, lending criteria and Government‑set property price caps apply. The Government provides a guarantee to SCCU as the lender, not a cash payment to the borrower. Owner‑occupier loans only.
Important: Available for new business only. Offers not available for switching of existing SCCU home loans. Advertised Interest rates subject to change without notice.
Home Loans (Owner Occupied)
^At the end of your fixed rate period the interest rate will revert to the relevant Principal and Interest variable rate.
*The comparison rate is based on a loan amount of $150,000 repayable over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
~Variable Interest Only available for home loans under the Australian Government 5% Deposit Scheme for Construction loans.
You can purchase a range of residential properties within the Price Cap for your location, including:
To check the Price Cap for your area, visit the Government Postcode Search.
Property Price Caps
Covered.
With Allianz, our insurance partner.
Insurance is issued by Allianz Australia Insurance Limited, AFSL No 234708. TMD available. Please read the PDS to determine if the insurance suits your needs. Southern Cross Credit Union, ABN 82 087 650 682, AFSL No 241000.
From your first transaction to lifelong investments, with you across all financial life stages.
Years of age
Australian our NZ resident
Confirmed employment
If you'd like a little extra help, call our team on 1300 360 744.
