Eligible first home buyers may be able to enter the Melbourne property market sooner — with a smaller deposit and without paying Lenders Mortgage Insurance. Subject to eligibility and lender approval.
From 1 October 2025 — income caps removed, places unlimited, Melbourne price cap $950,000
The Australian Government guarantees part of your loan — which may allow you to borrow with a smaller deposit without paying LMI, subject to lender approval and eligibility criteria.
Instead of needing 20% to avoid LMI, eligible buyers may be able to purchase with as little as 5% — with the government guaranteeing the remaining portion.
The scheme is only available through approved lenders and authorised brokers. You can't apply directly through the government — a broker identifies the right lender for your situation.
Property price caps apply depending on location. Melbourne's current cap is $950,000. A broker confirms the applicable cap for your target suburb before you make an offer.
Once approved, the process runs like any other home loan — we manage the application, liaise with the lender, and guide you to settlement.
The scheme has specific requirements. A broker confirms whether you meet them and helps you identify the right lender.
Eligibility is assessed by the lender, not the government. Meeting scheme criteria does not guarantee loan approval.
Eligibility depends on your deposit, the property you're buying, and the lender's own assessment. A free call takes 15 minutes and gives you a clear picture of where you stand.
Book Free Call 0419 891 983The information on this page is general in nature and does not constitute financial or credit advice. Eligibility is subject to lender assessment and scheme criteria.
Property price caps apply to all scheme purchases. Confirm the current cap for your target suburb with your broker before making an offer — caps may be updated by Housing Australia.
You can only access the scheme through participating lenders — and not every lender handles the guarantee the same way.
Not all participating lenders offer the same rates or policies. We compare across 30+ lenders to find the option that suits your situation — not just the easiest one to process.
The guarantee application runs alongside your home loan application. We manage both — making sure nothing is missed and the process moves as quickly as possible.
Based in Melbourne's eastern suburbs — the Knox corridor, Ringwood, Wantirna, Bayswater. Local property knowledge, not just loan knowledge.
Mortgage brokers are paid by the lender when your loan settles — not by you. There's no fee for using a broker, and no obligation after your initial call.
The scheme may be used alongside the First Home Owner Grant and stamp duty concessions, depending on your circumstances. We map out what you may be eligible for.
A 15-minute call is all it takes. No jargon, no pressure — just a straight answer on where you stand and what's possible.