Discover government-backed home loan options, starting from as little as 2% deposit.
Homeownership is more possible than it may feel.
Under the Australian Government 5% Deposit Scheme, you don’t need to save a 20% deposit or pay LMI. Buy sooner, with a smaller deposit.
Click the Chatbot icon at the bottom right
to check your eligibility.
| First home buyers*2 | Single parents*1 | |
| Minimum deposit | 5% of property value | 2% of property value |
| How does it work | Australian Government initiative to help eligible first home buyers. Part of the home loan will be guaranteed by Housing Australia. | Australian Government initiative to support eligible single parents and single legal guardians with at least 1 dependent child in purchasing a home. Part of the home loan will be guaranteed by Housing Australia. |
| Borrower eligibility | Australian citizens or permanent residents4 Individual and joint applicants.5 Either first home buyers or previous homeowners who haven’t owned a property in Australia in the last 10 years. |
Australian citizens or permanent residents4 Single parents or single legal guardians of one or more dependent children who do not currently own property or won’t have any other property interest once their new home settles. |
| Income threshold | N/A | |
| Minimum loan amount | No minimum | No minimum |
| Maximum loan to value ratio (LVR) - no LMI | 95% | 98% |
| Fees and charges | Waived Unity Bank valuation fees* | |
| Government fees | At cost | At cost |
| Offset account | 100% offset - variable only. Learn more about offset accounts |
|
| Redraw3 | Yes | Yes |
| Additional repayments | Variable - Yes Fixed - up to $10,000 pa |
|
| Ability to split between fixed and variable | Yes | Yes |
| Property price Caps | Property price caps apply. Search the property price threshold for a suburb or postcode here. | |
A Fact Sheet and Information Guide are available to download from the Housing Australia website.
"We were very pleased with the speed and personalised service we received from the team at Unity Bank in helping us purchase our first home. We also found their products to be very competitive. Unity Bank has more of a family feel to it than a corporation. We have already recommended them to others, as we are very happy with them."
Emanuel, Member
1 Only available for eligible single natural or adoptive parents or eligible single legal guardians of at least one dependent, who do not own property on the date of loan execution.
2 Only available for first home buyers or previous homeowners who haven’t owned a property in the ten years prior to the date they execute their home loan.
3 Minimum redraw amount is $100 and the amount to cover one (1) repayment (whether that be monthly, fortnightly or weekly) must be left in advance.
4 For the Australian Government 5% Deposit Scheme, permanent residents include New Zealand citizens for the purposes of citizenship applications only.
5 Joint applicants may include partners, friends, siblings, and other family members.
* Credit eligibility, Scheme eligibility, terms and conditions, additional fees & charges may apply. New loans only. Valuation fee waived for one property only. Unity Bank is authorised to offer the Australian Government 5% Deposit Scheme under which the Government guarantees up to 15% (first home buyers) and up to 18% (single parents) of the value of the property. The Scheme is not a cash payment or deposit for your home loan. Purchasers must be Australian citizens or permanent residents, at least 18 years of age, meet income caps and occupy the home as their principal place of residence. Target Market Determination available here. The information on this page is correct at the time of publishing but may change at any time without notice to you.
