From 1 Oct 2025, eligible buyers can purchase with a 5% deposit and no LMI.
No income caps. No place limits. Maximum home price limits by area still apply.
Check what 5% can buy in your state with our full metro and regional suburb breakdown.
A 5% deposit on a $600,000 home means $30,000 upfront, plus no LMI (if eligible).*
Talk to an Aussie Broker to check your eligibility and find homes within your area’s maximum home price limit.
From 1 October 2025, eligible first-home buyers may be able to buy with a 5% deposit and no Lenders Mortgage Insurance (LMI). There are no income caps and no limits on the number of places available.
However, maximum home price limits still apply, and they vary by state and region.
This is not a grant or a discount. Buyers must still meet lender criteria and have at least a 5% deposit saved. The maximum home price is the highest purchase price allowed under the scheme in your area.
For many first-home buyers, a 20% deposit can take years to save. With just 5% upfront, owning your first home could happen much sooner than you think.**
Whether you’re considering an apartment in Southbank, a house in Dubbo or a property in Darwin, here’s how the updated Home Guarantee Scheme applies, state by state.
What are the maximum home price limits across Australia?
Here are the maximum home price limits by state and territory. They determine what properties are eligible under the 5% deposit option.
State/Territory | Metro maximum home price | Regional/Other maximum home price |
|---|---|---|
New South Wales (NSW) | $1,500,000 | $800,000 |
Victoria (VIC) | $950,000 | $650,000 |
Queensland (QLD) | $1,000,000 | $700,000 |
Western Australia (WA) | $850,000 | $600,000 |
South Australia (SA) | $900,000 | $500,000 |
Tasmania (TAS) | $700,000 | $550,000 |
Australian Capital Territory (ACT) | $1,000,000 | - |
Northern Territory (NT) | $600,000 | $600,000 |
Source: Cotality. Median prices are indicative only. Eligibility, lender approval and maximum home price limits apply.
Note: These are the maximum eligible home prices under the scheme. They are not grants or discounts.
What could a 5% deposit look like in your state?
Example: On a $600,000 property, a 20% deposit would typically mean saving $120,000. With this scheme, eligible buyers may be able to purchase with just $30,000 upfront, and avoid LMI.*
Additional costs such as stamp duty, conveyancing, inspections and moving expenses still apply. Your Aussie Broker will help you map out the full cost.
This may help some buyers enter the market sooner, subject to eligibility and maximum home price limits.
You might also be interested in: Conveyancing fees and costs
Buying in New South Wales with the Home Guarantee Scheme
Metro price limit: $1,500,000 | Regional/Other: $800,000
Here are some examples of suburbs where the median property price sits under the maximum home price limit. This is a guide only. For more suburbs, visit Aussie Property Search.
Suburb | Property type | Median price | 5% deposit |
|---|---|---|---|
Unit | $849,875 | $42,494 | |
Unit | $933,843 | $46,692 | |
Unit | $899,613 | $44,981 | |
Unit | $783,105 | $39,155 | |
Unit | $541,975 | $27,099 | |
Unit | $588,685 | $29,434 | |
Unit | $611,458 | $30,573 | |
Unit | $456,685 | $22,834 | |
Unit | $567,915 | $28,396 | |
Unit | $479,104 | $23,955 |
Source: Cotality. Median prices are indicative only. Eligibility, lender approval and maximum home price limits apply.
Local insight: Buyers may need to widen the net in metro Sydney. Regional NSW offers stronger supply and more homes below the limit.
You might also be interested in: New South Wales: First home buyer grants and concessions
Buying in Victoria with the Home Guarantee Scheme
Metro price limit: $950,000 | Regional/Other: $650,000
Here are some examples of suburbs where the median property price sits under the maximum home price limit. This is a guide only. For more suburbs, use Aussie Property Search.
Suburb | Property type | Median price | 5% deposit |
|---|---|---|---|
Unit | $475,640 | $23,782 | |
Unit | $497,611 | $24,881 | |
Unit | $495,459 | $24,773 | |
Unit | $555,580 | $27,779 | |
Unit | $519,832 | $25,992 | |
Unit | $574,356 | $28,718 | |
Unit | $488,547 | $24,427 | |
Unit | $420,649 | $21,032 | |
Unit | $474,930 | $23,747 | |
Unit | $401,528 | $20,076 |
Source: Cotality. Median prices are indicative only. Eligibility, lender approval and maximum home price limits apply.
Local insight: Growth areas on the fringe of Melbourne offer new builds under the cap. Regional towns add lifestyle appeal and lower prices.
You might also be interested in: Victoria: First home buyer grants and concessions
Buying in Queensland with the Home Guarantee Scheme
Metro price limit: $1,000,000 | Regional/Other: $700,000
Here are some examples of suburbs where the median property price sits under the maximum home price limit. This is a guide only. For more suburbs, visit Aussie Property Search.
Suburb | Property type | Median price | 5% deposit |
|---|---|---|---|
Unit | $530,252 | $26,513 | |
Unit | $541,566 | $27,078 | |
Unit | $472,663 | $23,633 | |
Unit | $563,924 | $28,196 | |
Unit | $550,071 | $27,504 | |
Unit | $680,898 | $34,045 | |
Unit | $542,300 | $27,115 | |
Unit | $735,032 | $36,752 | |
Unit | $664,682 | $33,234 | |
Unit | $573,181 | $28,659 |
Source: Cotality. Median prices are indicative only. Eligibility, lender approval and maximum home price limits apply.
Local insight: Many buyers are targeting family homes in the outer metro ring or coastal towns, where homes remain under the limit and lifestyle appeal is strong.
You might also be interested in: Queensland: First home buyer grants and concessions
Buying in Western Australia with the Home Guarantee Scheme
Metro price limit: $850,000 | Regional/Other: $600,000
Here are some examples of suburbs where the median property price sits under the maximum home price limit. This is a guide only. For more suburbs, visit Aussie Property Search.
Suburb | Property type | Median price | 5% deposit |
|---|---|---|---|
Unit | $487,465 | $24,373 | |
Unit | $475,841 | $23,792 | |
Unit | $506,078 | $25,304 | |
Unit | $653,119 | $32,656 | |
Unit | $508,574 | $25,429 | |
Unit | $291,052 | $14,553 | |
Unit | $490,782 | $24,539 | |
Unit | $557,375 | $27,869 | |
Unit | $593,444 | $29,672 | |
Unit | $594,687 | $29,734 |
Source: Cotality. Median prices are indicative only. Eligibility, lender approval and maximum home price limits apply.
Local insight: Perth’s outer metro offers good family value, while regional WA delivers space and lifestyle in tight rental markets.
You might also be interested in: Western Australia: First home buyer grants and concessions
Buying in South Australia with the Home Guarantee Scheme
Metro price limit: $900,000 | Regional/Other: $500,000
Here are some examples of suburbs where the median property price sits under the maximum home price limit. This is a guide only. For more suburbs, visit Aussie Property Search.
Suburb | Property type | Median price | 5% deposit |
|---|---|---|---|
Unit | $326,252 | $16,313 | |
Unit | $564,425 | $28,221 | |
Unit | $322,870 | $16,143 | |
Unit | $620,471 | $31,024 | |
Unit | $255,512 | $12,776 | |
Unit | $571,223 | $28,561 | |
Unit | $539,324 | $26,966 | |
Unit | $333,896 | $16,695 | |
Unit | $466,929 | $23,346 | |
Unit | $513,571 | $25,679 |
Source: Cotality. Median prices are indicative only. Eligibility, lender approval and maximum home price limits apply.
Local insight: Adelaide's outer suburbs provide strong value. Coastal regional towns are appealing to buyers seeking lifestyle changes.
You might also be interested in: South Australia: First home buyer grants and concessions
Buying in Tasmania with the Home Guarantee Scheme
Metro price limit: $700,000 | Regional/Other: $550,000
Here are some examples of suburbs where the median property price sits under the maximum home price limit. This is a guide only. For more suburbs, visit Aussie Property Search.
Suburb | Property type | Median price | 5% deposit |
|---|---|---|---|
Unit | $387,940 | $19,397 | |
Unit | $431,766 | $21,588 | |
Unit | $434,083 | $21,704 | |
Unit | $403,268 | $20,163 | |
Unit | $445,132 | $22,257 | |
Unit | $421,808 | $21,090 | |
Unit | $449,786 | $22,489 | |
Unit | $466,620 | $23,331 | |
Unit | $437,814 | $21,891 | |
Unit | $483,551 | $24,178 |
Source: Cotality. Median prices are indicative only. Eligibility, lender approval and maximum home price limits apply.
Local insight: Tasmania continues to offer lifestyle and value, particularly in regional centres, but stock moves fast.
You might also be interested in: Tasmania: First home buyer grants and concessions
Buying in Australian Capital Territory with the Home Guarantee Scheme
Territory-wide price limit: $1,000,000
Here are some examples of suburbs where the median property price sits under the maximum home price limit. This is a guide only. For more suburbs, visit Aussie Property Search.
Suburb | Property type | Median price | 5% deposit |
|---|---|---|---|
Unit | $509,071 | $25,454 | |
Unit | $465,112 | $23,256 | |
Unit | $504,849 | $25,242 | |
Unit | $706,208 | $35,310 | |
Unit | $535,289 | $26,764 | |
Unit | $599,652 | $29,983 | |
Unit | $624,138 | $31,207 | |
Unit | $640,624 | $32,031 | |
Unit | $569,917 | $28,496 | |
Unit | $574,809 | $28,740 |
Source: Cotality. Median prices are indicative only. Eligibility, lender approval and maximum home price limits apply.
Local insight: Units near town centres sit comfortably under the cap. Some established suburbs offer house options if you know where to look.
You might also be interested in: Australian Capital Territory: First home buyer grants and concessions
Buying in Northern Territory with the Home Guarantee Scheme
Territory-wide price limit: $600,000
Here are some examples of suburbs where the median property price sits under the maximum home price limit. This is a guide only. For more suburbs, the Aussie Property Search.
Suburb | Property type | Median price | 5% deposit |
|---|---|---|---|
Unit | $413,263 | $20,663 | |
Unit | $268,593 | $13,430 | |
Unit | $278,203 | $13,910 | |
Unit | $261,682 | $13,084 | |
Unit | $269,872 | $13,494 | |
Unit | $275,975 | $13,799 | |
Unit | $305,588 | $15,279 | |
Unit | $275,501 | $13,775 | |
Unit | $232,748 | $11,637 | |
Unit | $299,059 | $14,953 |
Source: Cotality. Median prices are indicative only. Eligibility, lender approval and maximum home price limits apply.
Local insight: NT offers lower median prices, but buyers should consider long-term maintenance and build suitability for the climate.
You might also be interested in: Northern Territory: First home buyer grants and concessions
What should I do next?
1. Check your eligibility
An Aussie Broker can confirm if you qualify for the Home Guarantee Scheme and explain how the price limits apply in your area.
2. Find eligible homes
We’ll help you shortlist homes that sit within your area’s threshold, and your borrowing range.
3. Get pre-approval
With pre-approval in place, you can start your property search with confidence and be ready when the right place comes up.
Don’t forget the other costs
Even with a 5% deposit and no LMI, first-home buyers should plan for other upfront and ongoing expenses.
Here’s what to plan for:
Cost type | What to consider |
|---|---|
Stamp duty | You may be eligible for a first-home buyer exemption or concession, depending on your state. |
Legal and conveyancing fees | Your broker can refer you to trusted partners. |
Building and pest inspections | These help you avoid costly surprises and give peace of mind. |
Moving and setup costs | Removalists, utilities, cleaning, furniture. |
Loan and bank fees | Some lenders charge application or settlement fees. Others may waive them. |
Ongoing costs | Budget for council rates, insurance, maintenance and (for units) strata fees. |
Your Aussie Broker can help you build a full cost plan so there are no surprises along the way.
You might also be interested in: Where are first-home buyers buying and why?
It’s more than a deposit. We’ll help you plan it all
You don’t have to figure this out on your own.
Your Aussie Broker will guide you through every step, from understanding eligibility and calculating costs to shortlisting homes and applying for finance.
This policy aims to make it possible for more Australians to enter the property market, subject to eligibility and maximum home price limits.
Whether you’re just starting your search or ready to get pre-approved, we’re here to help.
