minimum deposit
minimum deposit
here to guide you
from enquiry to settlement
focussed on members
You must meet the Scheme’s borrower eligibility criteria.
5% for first home buyers, 2% for single parents or legal guardians.
Contact Cairns Bank to find out how to apply and what your next steps will be.
Provided you meet the criteria, the Australian Government will provide a guarantee to your bank to support the loan.
Purchase an eligible property within the Price Cap and settle into your new home.
The Australian Government 5% Deposit Scheme helps first home buyers who can contribute a minimum 5% deposit, with a Government guarantee.
To be eligible, you must:
Joint applications (maximum of two applicants) are permitted.
The Australian Government 5% Deposit Scheme helps single parents or legal guardians with a minimum 2% deposit to buy a new home, with a Government guarantee.
To be eligible, you must:
Under the First Home Guarantee, both the purchase price and the property value (as assessed by your lender) must not exceed the applicable price cap for the location of the property.
Price caps vary by state and region across Australia. Our team can help you confirm whether your intended purchase price meets the relevant threshold, or you can check the First Home Buyers website postcode search tool to view the price cap for your chosen location.
Cairns Bank can assist eligible property purchases anywhere in Australia under the First Home Guarantee.
Important: You are still responsible for repaying the full loan amount, including principal and interest.
As your local lender, we’re here to guide you through the process from start to finish.
Our home loan specialists can:
We are your local experts and we’re here to help.
Eligible first home buyers must have saved a minimum 5% deposit of the property purchase price.
Eligible single parents or legal guardians must have saved a minimum 2% deposit.
You must also meet government eligibility requirements and Cairns Bank lending criteria.
There are no income caps under the Australian Government 5% Deposit Scheme.
However, you must still meet Cairns Bank’s lending criteria, including our credit and serviceability assessment.
Yes. Eligible applicants may purchase an existing house, townhouse or apartment, provided the property:
Is located in Australia
Is priced at or below the applicable Property Price Cap
Will be lived in as your owner-occupied home
All purchases remain subject to eligibility and lending criteria.
Yes. The Scheme may apply to building a new home, including:
Vacant land with a separate building contract
House and land packages
For separate land and build contracts, the total land price plus build costs must be within the applicable Property Price Cap.
All applications are subject to eligibility and lending criteria.
Yes. All home loan applications are subject to Cairns Bank’s lending criteria, including credit and serviceability assessment.
The Australian Government guarantee supports the lender — you remain responsible for repaying the full loan amount (principal and interest).
Yes. Terms, conditions, fees and charges may apply.
While eligible applicants may avoid paying Lenders Mortgage Insurance (LMI) under the Scheme, other costs associated with purchasing a home and establishing a loan may still apply.
The Australian Government 5% Deposit Scheme is subject to government eligibility criteria and property Price Caps. All applications are subject to Cairns Bank lending criteria, terms, conditions, fees and charges. Applicants must meet eligibility and credit assessment requirements. The Government guarantee supports the lender — you remain responsible for repaying the full loan amount (principal and interest).