Buying your first home in Victoria is about to get a whole lot easier. From 1 October 2025, the Australian Government is rolling out the 5% Deposit Scheme, removing key restrictions and increasing support for first home buyers across the country – including right here in Victoria.
🏡 What Is the 5% Deposit Scheme?
The 5% Deposit Scheme helps eligible first home buyers purchase a property with as little as 5% deposit, without paying Lenders Mortgage Insurance (LMI). The government guarantees up to 15% of the property’s value, making home ownership more accessible.
🚨 What’s Changing from 1 October 2025?
The updates coming into effect are designed to make the scheme more inclusive and flexible:
- Unlimited Places: No more caps on the number of applicants – if you’re eligible, you can apply.
- No Income Limits: Higher-income earners can now access the scheme.
- Higher Property Price Caps: VIC– Capital City: Up to $950,000.
đź’° Other Grants & Support Available in Victoria
VIC buyers can also take advantage of state-based grants to further reduce the cost of buying a home:
- First Home Owner Grant (FHOG) * – A one-off payment of $10,000 for eligible buyers building a new home.
- Stamp Duty Concessions * available
đź“‹ How to Apply
- 5% Deposit Scheme: Apply through a participating lender.
- FHOG: Apply via your lender or directly through RevenueVIC.
With expanded eligibility, higher property price caps, and multiple grants available, Victorian first home buyers are in a stronger position than ever to enter the market. These changes offer greater flexibility, reduced upfront costs, and more opportunity – so why not start exploring a Peet community today and take the first step toward building your dream home in a place designed for your future.
View available land and house and land packages at Ellery here.
* Eligibility criteria applies. Visit www.firsthomebuyers.gov.au/australian-government-5-percent-deposit-scheme for more information.
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