Buying your first home in Victoria is about to get a whole lot easier. From 1 October 2025, the Australian Government is rolling out major updates to the Australian Government 5% Deposit Scheme, removing key restrictions and increasing support for first home buyers across the country – including right here in Victoria.
🏡 What Is the Australian Government 5% Deposit Scheme?
The Australian Government 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 Newhaven here
* Eligibility criteria applies. Visit www.firsthomebuyers.gov.au/australian-government-5-percent-deposit-scheme for more information.
All content provided within this webpage is for information purposes only. While Peet endeavours to ensure all information is current and correct, Peet makes no representation or warranty as to its currency or accuracy. It is recommended that you obtain your own independent advice before taking any action, including before making any commitment of a legal or financial nature or making any application for a financial product or service. Peet makes no representation as to whether a particular financial product or service is suitable to you or you will be successful in obtaining a financial product or service or purchasing a house and/or land.
